S 615 repealed by No 114 of 2010, s 3 and Sch 1 item 37, applicable in relation to the 2010-11 year of income for a taxpayer and later years of income. For saving provisions, see note under Part
heading. S 615 formerly read:
SECTION 615 RECORDS OF ACTS, TRANSACTIONS ETC.
The taxpayer must make and keep records in Australia containing particulars of:
the acts, transactions and other circumstances that resulted in the taxpayer having:
the interest or interests in the FIF at the end of the year of income; or
the interest in the FLP during the year of income; and
except in the case of a taxpayer who, because of any of Divisions 2 to 15, is wholly exempt from taxation in respect of the interest or interests in respect of the notional accounting period of the FIF or FLP that ended in the year of income
the basis of the calculation of the interest or the interests at that time.
There is an administrative penalty if you do not keep or retain records as required by this Division: see section
Taxation Administration Act 1953
S 615 amended by No 91 of 2000 and inserted by No 190 of 1992.