INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
TABLE OF DIVISIONS
|2||Substantiating work expenses|
|3||Substantiating car expenses|
|4||Substantiating business travel expenses|
|7||Retaining and producing records|
|8||Relief from effects of failing to substantiate|
|9||Award transport payments|
Once you have the material required by this Division, you must retain it for 5 years. There is no need to lodge it with your income tax return. The Commissioner may require you to produce it: see Division 7 . The period for which you must retain it is called the retention period .3-3(2) [Commencement of retention period]
The 5 years start on the due day for lodging your income tax return for the income year. If you lodge your return later, the 5 years start on the day you lodge it.3-3(3) [Extension of period]
However, the retention period is extended if, when the 5 years end, you are involved in a dispute with the Commissioner that relates to the expense. See section 7-2 .3-3(4) [Failure to retain]
If you do not retain the material for the retention period, you cannot deduct the expense. If you have already deducted it, your assessment may be amended to disallow the deduction.3-3(5) [Lost material]
If you lose any of the material, there are rules that might help you in section 8-3 .
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