64
In forcePeriod record to be kept
Part 8Record keeping and general offences
Division 8.1Record keeping
64 Period record to be kept
(1)
A person who is required by a tax law to keep a record must keep the record for not less than 5 years after—
(a)
the date it was made or obtained; or
(b)
the date of completion of the transaction or act to which it relates;
whichever is the later.
Maximum penalty: 20 penalty units.
(2)
A person may, with the written approval of the commissioner, destroy a record within the 5 year period unless another law requires the record to be kept for not less than 5 years.
Division 8.2 General offences
This Act’s bill:Explanatory statementSecond reading speech
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