INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
TABLE OF DIVISIONS
|2||Substantiating work expenses|
|3||Substantiating car expenses|
|4||Substantiating business travel expenses|
|7||Retaining and producing records|
|8||Relief from effects of failing to substantiate|
|9||Award transport payments|
Once you have the material required by this Division, you must retain it for 5 years. There is no need to lodge it with your income tax return. The Commissioner may require you to produce it: see Division 7 . The period for which you must retain it is called the retention period .3-3(2) [Commencement of retention period]
The 5 years start on the due day for lodging your income tax return for the income year. If you lodge your return later, the 5 years start on the day you lodge it.3-3(3) [Extension of period]
However, the retention period is extended if, when the 5 years end, you are involved in a dispute with the Commissioner that relates to the expense. See section 7-2 .3-3(4) [Failure to retain]
If you do not retain the material for the retention period, you cannot deduct the expense. If you have already deducted it, your assessment may be amended to disallow the deduction.3-3(5) [Lost material]
If you lose any of the material, there are rules that might help you in section 8-3 .
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.