From 12 March 2023, the Commissioner will be able to direct an entity to undertake an approved record-keeping course as an alternative to a financial penalty for failing to keep tax-related records.
This will only apply to those entities who have shown that they are not deliberately avoiding their record keeping obligations.
From 12 March 2023, we will begin raising awareness of this measure in the community.
The record-keeping education learning modules will be available via an online learning site, which will be launched in the second half of 2023. Directions will not be issued until the learning modules are available.
More information
The measure will allow the Commissioner of Taxation to direct an entity to complete an approved record-keeping course.