Taxation Administration Act 1953
SCHEDULE 1
-
COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
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 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.
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.