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 396 - Third party reporting  

Subdivision 396-C - Common Reporting Standard  

Operative provisions

SECTION 396-125   RECORD KEEPING  

396-125(1)  
If paragraph 396-105(1)(a) applies to an entity for a calendar year, the entity must keep written records that:


(a) correctly record the procedures by which the entity determines:


(i) whether, at any time during the year, the entity maintains an account to which paragraph 396-105(1)(c) applies; and

(ii) the information that is required to be contained in the statement (if any) the entity is obliged to give the Commissioner under subsection 396-105(2) ; and


(b) are in English, or readily accessible and easily convertible into English.

396-125(2)  
The entity must retain the records, to the extent that they relate to a particular account, until:


(a) the expiration of 5 years after the entity gives the Commissioner the statement in respect of the account under subsection 396-105(2) ; or


(b) if the entity is not required to give the Commissioner a statement in respect of the account for the year - 31 July in the sixth year after the end of the year.

Note:

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




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