Chapter 4

Overview

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	Part 1	Part 2	Part 3	Part 4
Subject	Record keeping for attribution	Substantiation for active income test	Offshore information notice	Elections
Applies to	Attributable taxpayer	Attributable taxpayer	Taxpayer	CFC or taxpayer
Action	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