Tax Laws Amendment (Improvements to Self Assessment) Act (No. 2) 2005 (161 of 2005)
Schedule 1 Assessments
Part 4 Consequential amendments
Division 1 SPOR taxpayer provisions
Taxation Administration Act 1953
The amendments made by items 28 to 31 apply in relation to taxation decisions made in:
(a) for income tax - the 2004-05 income year or a later income year; or
(b) for fringe benefits tax - the year of tax starting on 1 April 2004 or a later year of tax.
33 Subsection 18-100(1) in Schedule 1
Repeal the subsection, substitute:
(1) An entity that is given a *payment summary and a copy of it in any financial year under this Part must retain the copy for:
(a) 5 years after the end of that financial year; or
(b) a shorter period determined by the Commissioner in writing for the entity; or
(c) a shorter period determined by the Commissioner by legislative instrument for a class of entities that includes the entity.
(1AA) A determination under paragraph (1)(c) may specify different periods for different classes of entities.
34 Subsection 18-100(2) in Schedule 1
Repeal the subsection.
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