Taxation Administration Act 1953

A *deductible gift recipient must:

keep records that record and explain all transactions and other acts the deductible gift recipient engages in that are relevant to the deductible gift recipient’s status as a deductible gift recipient; and

retain those records for at least 5 years after the completion of the transactions or acts to which they relate.

Section 288‑25 imposes an administrative penalty if an entity does not keep or retain records as required by this section.

The Commissioner may request information from certain deductible gift recipients: see sections 353‑20 and 426‑40.

The records must be:

in English, or readily accessible and easily convertible into English; and

such as to show that the *deductible gift recipient uses each of the following only for the principal purpose of the fund, authority or institution:

gifts of money or property for that purpose;

contributions described in item 7 or 8 of the table in section 30‑15 of the Income Tax Assessment Act 1997 in relation to a *fund‑raising event held for that purpose;

money received by the deductible gift recipient because of such gifts or contributions.

For the purposes of section 288‑25, this section does not require a *deductible gift recipient to retain a record if:

the Commissioner notifies the deductible gift recipient that the deductible gift recipient does not need to retain the record; or

the deductible gift recipient is a company that has been finally dissolved.