Taxation Administration Act 1953

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

Note: See section 3AA .

Chapter 5 - Administration  

PART 5-25 - RECORD-KEEPING AND OTHER OBLIGATIONS RELATING TO TAXPAYERS  

Division 396 - Third party reporting  

Subdivision 396-A - FATCA  

Operative provisions

SECTION 396-25   RECORD KEEPING  

396-25(1)  
If an entity is obliged to give the Commissioner a statement under subsection 396-5(2) or 396-10(2) , the entity must keep written records that:


(a) correctly record the procedures by which the entity determines the information that is required to be contained in the statement; and


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

396-25(2)  
The entity must retain the records until the expiration of 5 years after the entity gives the Commissioner the statement under subsection 396-5(2) or 396-10(2) .

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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