TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-25 - CHARGES AND PENALTIES  

Division 284 - Administrative penalties for statements, unarguable positions and schemes  

Subdivision 284-E - Special rules about unarguable positions for cross-border transfer pricing  

SECTION 284-255   DOCUMENTATION REQUIREMENTS  

284-255(1)  
Records kept by an entity meet the requirements in this Subdivision for the application (or non-application) of Subdivision 815-B or 815-C of the Income Tax Assessment Act 1997 to a matter (or identical matters) in a particular way if the records:


(a) are prepared before the time by which the entity lodges its * income tax return for the income year relevant to the matter (or matters); and


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


(c) explain the particular way in which the Subdivision applies (or does not apply) to the matter (or matters); and


(d) explain why the application of the Subdivision to the matter (or matters) in that way best achieves the consistency mentioned in section 815-135 or 815-235 of that Act (as the case requires) (about guidance material).

284-255(2)  
Without limiting subsection (1), the records must allow each of the following to be readily ascertained:


(a) the * arm ' s length conditions relevant to the matter (or matters);


(b) the particulars of the method used and comparable circumstances relevant to identifying those arm ' s length conditions;


(c) unless the records are for the non-application of the Subdivision to a matter (or matters) - the result that the application of the Subdivision in that particular way, as compared to the non-application of the Subdivision, has for the operation of this Act in relation to the entity;


(d) for Subdivision 815-B - the actual conditions relevant to the matter (or matters);


(e) for Subdivision 815-C :


(i) the actual profits mentioned in paragraph 815-220(1)(a) of that Act and the * arm ' s length profits, to the extent that they are relevant to the matter (or matters); and

(ii) the particulars of the activities and circumstances mentioned in subsection 815-225(1) of that Act, to the extent they are relevant to the matter (or matters).

 

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