Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
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:
(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: See section 3AA .
Chapter 5 - Administration
PART 5-25
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RECORD-KEEPING AND OTHER OBLIGATIONS RELATING TO TAXPAYERS
Division 396
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Third party reporting
Subdivision 396-C
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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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