Show download pdf controls
  • Chapter 5 Proving your assessment

    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.

    This chapter also explains the record-keeping requirements for accessing FIF exemptions.

    Chapter 5 Overview table

    Part

    Subject

    Applies to

    Action

    If not done

    Part 1

    Record keeping for CFC attributable taxpayers

    Attributable taxpayer

    Keep records of CFC attributable amount

    Prosecution, with a maximum penalty of 30 penalty units. The value of the Commonwealth penalty unit increased from $180 to $210, effective from 1 July 2017 under Crimes Amendment (Penalty Unit) Act 2017.

    Part 2

    Passing the active income test

    Attributable taxpayer

    Supply accounts and accounting information to us

    No offence if not supplied, but CFC fails active income test

    Part 3

    Can we ask you to get information from overseas?

    Taxpayer

    Produce documents

    Evidentiary sanction: no documents can be used in evidence without the consent of the Commissioner of Taxation (Commissioner)

    Part 4

    What records of elections must you keep?

    CFC or taxpayer

    Make election

    Treated as if no election made

    Part 5

    Record keeping for FIF attributable taxpayers

    Taxpayer

    Keep records of post-FIF abolition debits and credits

     

      Last modified: 19 Jun 2019QC 58640