Income Tax (Transitional Provisions) Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 296 - Better targeted superannuation concessions  

Subdivision 296-B - CGT adjustments  

SECTION 296-55   CGT adjustment for small superannuation funds - requirement to keep records  

296-55(1)    
A trustee of a small superannuation fund who makes a choice for the purposes of paragraph 296-50(1)(c) must keep the following records:

(a)    a record of the choice;

(b)    for each CGT asset to which the choice applies - records of each element of its cost base and reduced cost base as affected by subsection 296-50(3) .

296-55(2)    
The records must be in English, or be readily accessible and convertible into English.

296-55(3)    
The trustee must retain a record mentioned in subsection (1) until the end of 5 years after it becomes certain that no CGT event (or no further CGT event) can happen such that the record could reasonably be expected to be relevant to working out the fund ' s Division 296 fund earnings for an income year.

Note:

Section 288-25 in Schedule 1 to the Taxation Administration Act 1953 imposes an administrative penalty if a trustee does not keep or retain records as required by this section.