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Chapter 4

Last updated 4 December 2006


This chapter details the types of records you need to keep to substantiate your tax assessment.

Proving your assessment

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 1

Part 2

Part 3

Part 4


Record keeping for attribution

Substantiation for active income test

Offshore information notice


Applies to

Attributable taxpayer

Attributable taxpayer


CFC or taxpayer


Keep records of attributable amount

Supply accounts and accounting information to Tax Office

Produce documents

Make election

If not done

Prosecution $3,000

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

Evidentiary sanction - no documents can be used in evidence without Commissioner's consent

Treated as if no election made