Taxation Administration Act 1953

A *Group Entity of an *Applicable MNE Group that is *GloBE located in Australia must:

keep records that record and explain whether the Group Entity has complied with the *Minimum Tax law; and

retain those records until the latest of the following:

the end of 8 years after the records were prepared or obtained;

the end of 8 years after the completion of the transactions or acts to which those records relate;

if there is an assessment of the Group Entity, or another Group Entity of the Applicable MNE Group, of an amount payable under the Minimum Tax law to which those records relate and the period of review for the assessment is extended under subsection 155‑35(3) or (4)—the end of the period of review as so extended.

The records must be:

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

such as to enable the *Group Entity’s liabilities under the *Minimum Tax law to be readily ascertained.

A *Group Entity commits an offence if:

the Group Entity is required to keep or retain a record under this section; and

the Group Entity does not keep or retain the record in accordance with this section.

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

Subsection (3) is an offence of strict liability.

This section applies in relation to:

a *GloBE Joint Venture of an *Applicable MNE Group; and

a *GloBE JV Subsidiary of a GloBE Joint Venture of an Applicable MNE Group;

If:

a *Group Entity of an *Applicable MNE Group is a *GloBE Main Entity in respect of a *GloBE Permanent Establishment; and

the Group Entity is not *GloBE located in Australia; and

the GloBE Permanent Establishment is:

GloBE located in Australia; or

a Stateless Constituent Entity (within the meaning of the *Minimum Tax Act);