Tax Laws Amendment (Improvements to Self Assessment) Act (No. 2) 2005 (161 of 2005)

Schedule 1 Assessments

The amendments made by items 28 to 31 apply in relation to taxation decisions made in:

(a) for income tax - the 2004-05 income year or a later income year; or

(b) for fringe benefits tax - the year of tax starting on 1 April 2004 or a later year of tax.

33 Subsection 18-100(1) in Schedule 1

Repeal the subsection, substitute:

(1) An entity that is given a *payment summary and a copy of it in any financial year under this Part must retain the copy for:

(a) 5 years after the end of that financial year; or

(b) a shorter period determined by the Commissioner in writing for the entity; or

(c) a shorter period determined by the Commissioner by legislative instrument for a class of entities that includes the entity.

(1AA) A determination under paragraph (1)(c) may specify different periods for different classes of entities.

34 Subsection 18-100(2) in Schedule 1

Repeal the subsection.