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If you are required to keep records you must:
- Keep written records in English. If records are not in a written form - for example, if kept on magnetic tape or computer disc - you must be able to get access to them readily to convert them into written English.
- Keep records in a way that allows your tax liability to be readily determined.
- Keep the records either for five years after they were prepared or obtained, or for five years after the completion of the transactions to which those records relate, whichever is the later.
The records need not necessarily be kept in Australia but they must be kept by the attributable taxpayer. This means that you, as the attributable taxpayer, are responsible for the custody and control of the records. If an Australian company allows its CFC to physically keep records outside Australia, the Australian company must maintain custody and control of those records.
Last modified: 05 Dec 2006QC 18000