Income Tax Assessment Act 1997
You must retain records that section 121-20 requires you to keep. 121-25(2)
You must retain them until the end of 5 years after it becomes certain that no *CGT event (or no further *CGT event) can happen such that the records could reasonably be expected to be relevant to working out whether you have made a *capital gain or *capital loss from the event. 121-25(2A)
An offence under this section is an offence of strict liability.
For strict liability , see section 6.1 of the Criminal Code .
This section has effect despite subsection 262A(4) of the Income Tax Assessment Act 1936 (which requires records to be retained for a different period). 121-25(4)
However, it is not necessary to retain records:
(a) if the Commissioner notifies you that you do not need to retain them; or
(b) for a company that has finally ceased to exist.
There are special record keeping rules where there has been a roll-over for a merger between superannuation funds under former section 160ZZPI of the Income Tax Assessment Act 1936 : see section 121-25 of the Income Tax (Transitional Provisions) Act 1997 .
Penalty: 30 penalty units.
See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.