TAXATION ADMINISTRATION ACT 1953

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

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-25 - CHARGES AND PENALTIES  

Division 288 - Miscellaneous administrative penalties  

SECTION 288-25   PENALTY FOR FAILURE TO KEEP OR RETAIN RECORDS  

288-25(1)  
You are liable to an administrative penalty of 20 penalty units if:


(a) a provision of a *taxation law requires you to keep or retain a record; and


(b) you do not keep or retain that record in the manner required by that law.

288-25(2)  
Subsection (1) does not apply to:


(a) documents required to be retained under Part X of the Fringe Benefits Tax Assessment Act 1986 (about statutory evidentiary documents); or


(b) documents required to be kept or retained under Division 900 of the Income Tax Assessment Act 1997 (about substantiation of expenses).

Note:

See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.




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