Show download pdf controls
  • Chapter 4: Proving your assessment

    Attention

    Warning:

    This information may not apply to the current year. Check the content carefully to ensure it is applicable to your circumstances.

    End of attention

    Overview

    You will need to keep receipts, invoices, ledgers and other accounting records of a company or trust that relate to the calculation of its notional assessable income.

    In addition, you will need to keep details of your interest in the company, the interests of your associates and how you worked out the amount you included in your assessable income.

    This chapter also explains the substantiation requirements of the active income test, the use of offshore information notices and the keeping of records of elections.

    Summary of chapter 4

    Part

    Subject

    Applies to

    Action

    If not done

    Part 1 Record keeping for attributable taxpayers Attributable taxpayer Keep records of attributable amount Prosecution $3,300
    Part 2 Passing the active income test Attributable taxpayer Supply accounts and accounting information to Tax Office No offence if not supplied - but CFC fails active income test
    Part 3 Can the Tax Office ask you to get information from overseas? Taxpayer Produce documents Evidentiary sanction - no documents can be used in evidence without Commissioner of Taxation's (Commissioner) consent
    Part 4 What records of elections must you keep? CFC or taxpayer Make election Treated as if no election made
    Last modified: 02 Jul 2020QC 27916