Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 121 - Record keeping  

Operative provisions  

SECTION 121-25   How long you must retain the records  

121-25(1)  
You must retain records that section 121-20 requires you to keep.

121-25(2)  
You must retain them until the end of 5 years after it becomes certain that no *CGT event (or no further *CGT event) can happen such that the records could reasonably be expected to be relevant to working out whether you have made a *capital gain or *capital loss from the event.

121-25(2A)  


An offence under this section is an offence of strict liability.
Note:

For strict liability , see section 6.1 of the Criminal Code .

121-25(3)  
This section has effect despite subsection 262A(4) of the Income Tax Assessment Act 1936 (which requires records to be retained for a different period).

121-25(4)  
However, it is not necessary to retain records:


(a) if the Commissioner notifies you that you do not need to retain them; or


(b) for a company that has finally ceased to exist.

Note 1:

There are special record keeping rules where there has been a roll-over for a merger between superannuation funds under former section 160ZZPI of the Income Tax Assessment Act 1936 : see section 121-25 of the Income Tax (Transitional Provisions) Act 1997 .

Penalty: 30 penalty units.

Note 2:

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


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.