118
CurrentPeriod for keeping records
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.
This Act’s bill:Explanatory memorandum
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