s 118
In forcePeriod for keeping records
Part 9Record keeping
118 Period for keeping records
A person who is required under a tax law to keep a record must keep it until the later of the following—
(a)
5 years has elapsed after it was made or obtained;
(b)
5 years has elapsed after the completion of the transaction or matter to which it relates;
(c)
if the person’s liability under a revenue law depends on the continued satisfaction of conditions for a period stated in the revenue law after the making of an assessment to which the record relates—2 years has elapsed after the end of the period.
Maximum penalty—100 penalty units.
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