Taxation Administration Act 1953

If paragraph 396‑105(1)(a) applies to an entity for a calendar year, the entity must keep written records that:

correctly record the procedures by which the entity determines:

whether, at any time during the year, the entity maintains an account to which paragraph 396‑105(1)(c) applies; and

the information that is required to be contained in the statement (if any) the entity is obliged to give the Commissioner under subsection 396‑105(2); and

are in English, or readily accessible and easily convertible into English.

The entity must retain the records, to the extent that they relate to a particular account, until:

the expiration of 5 years after the entity gives the Commissioner the statement in respect of the account under subsection 396‑105(2); or

if the entity is not required to give the Commissioner a statement in respect of the account for the year—31 July in the sixth year after the end of the year.

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