Taxation Administration Act 1953
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Hide history noteNote: See section 3AA .
Chapter 5 - AdministrationSECTION 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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