Taxation Laws Amendment Act (No. 8) 2000 (156 of 2000)

Schedule 5   Administration

Taxation Administration Act 1953

14   After subsection 70(1)

Insert:

(1AAA) If you make any election, choice, estimate, determination or calculation under the GST law, you must:

(a) keep records containing particulars of:

(i) the election, choice, estimate, determination or calculation; and

(ii) in the case of an estimate, determination or calculation - the basis on which, and the method by which, the estimate, determination or calculation was made; and

(b) retain those records:

(i) if the GST law specifies circumstances in which the election, choice, estimate, determination or calculation ceases to have effect - for at least 5 years after the election, choice, estimate, determination or calculation ceased to have effect; or

(ii) in any other case - for at least 5 years after the election, choice, estimate, determination or calculation was made.

(1AAB) If you give the Commissioner a GST return that states a net amount that takes into account an input tax credit that is attributable to a tax period under subsection 29-10(4) of the GST Act, you must:

(a) keep records that record and explain all transactions and other acts you engage in that are relevant to the acquisition in question; and

(b) retain those records for at least 5 years after the GST return was given to the Commissioner.