TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 5 - Administration  

PART 5-25 - RECORD-KEEPING AND OTHER OBLIGATIONS RELATING TO TAXPAYERS  

Division 382 - Record-keeping  

Subdivision 382-B - Record keeping obligations of deductible gift recipients  

SECTION 382-15   DEDUCTIBLE GIFT RECIPIENTS TO KEEP RECORDS  

382-15(1)  
A *deductible gift recipient must:


(a) keep records that record and explain all transactions and other acts the deductible gift recipient engages in that are relevant to the deductible gift recipient ' s status as a deductible gift recipient; and


(b) retain those records for at least 5 years after the completion of the transactions or acts to which they relate.

Note 1:

Section 288-25 imposes an administrative penalty if an entity does not keep or retain records as required by this section.

Note 2:

The Commissioner may request information from certain deductible gift recipients: see sections 353-20 and 426-40 .

Requirements of records

382-15(2)  
The records must be:


(a) in English, or readily accessible and easily convertible into English; and


(b) such as to show that the *deductible gift recipient uses each of the following only for the principal purpose of the fund, authority or institution:


(i) gifts of money or property for that purpose;

(ii) contributions described in item 7 or 8 of the table in section 30-15 of the Income Tax Assessment Act 1997 in relation to a *fund-raising event held for that purpose;

(iii) money received by the deductible gift recipient because of such gifts or contributions.
Exception

382-15(3)  
For the purposes of section 288-25 , this section does not require a *deductible gift recipient to retain a record if:


(a) the Commissioner notifies the deductible gift recipient that the deductible gift recipient does not need to retain the record; or


(b) the deductible gift recipient is a company that has been finally dissolved.




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