Taxation Administration Act 1953

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

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History

Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

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History

Ch 4 heading inserted by No 73 of 2006 , s 3 and Sch 5 item 42, effective 1 July 2006.

PART 4-25 - CHARGES AND PENALTIES  

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History

Pt 4-25 heading substituted by No 32 of 2006 , s 3 and Sch 3 item 11, applicable in relation to conduct engaged in on or after 6 April 2006. The heading formerly read:

PART 4-25 - CHARGES AND ADMINISTRATIVE PENALTIES FOR FAILING TO MEET OBLIGATIONS

Pt 4-25 (heading) substituted by No 101 of 2004.

Pt 4-25 inserted by No 179 of 1999.

Division 288 - Miscellaneous administrative penalties  

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History

Div 288 heading substituted by No 91 of 2000.

Div 288 inserted by No 179 of 1999.

SECTION 288-25   PENALTY FOR FAILURE TO KEEP OR RETAIN RECORDS  

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288-25(1)    
You are liable to an administrative penalty of 20 penalty units if:

(a)    a provision of a *taxation law requires you to keep or retain a record; and

(b)    you do not keep or retain that record in the manner required by that law.

288-25(2)    
Subsection (1) does not apply to:

(a)    documents required to be retained under Part X of the Fringe Benefits Tax Assessment Act 1986 (about statutory evidentiary documents); or

(b)    

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documents required to be kept or retained under Division 900 of the Income Tax Assessment Act 1997 (about substantiation of expenses); or

(c)    

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if you are given a *tax-records education direction - documents to which a record-keeping failure specified in the direction relates, unless you have not complied with the direction.

Note 1:

For paragraph (c) :

(a) for tax-records education directions, see section 384-12 ; and

(b) for whether you have complied with the direction, see subsection 384-15(3) .

Note 2:

See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.

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History

S 288-25(2) amended by No 84 of 2022, s 3 and Sch 1 items 1 - 3, by substituting " expenses); or " for " expenses). " in para (b), inserting para (c) and substituting " Note 2 " for " Note " in the note, effective 1 January 2023.

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History

S 288-25 inserted by No 91 of 2000.

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