Period of retention

Current

A business or trustee that is required by this Act to keep a record must retain the record, or cause the record to be retained, for not less than 5 years after—

(a)

the date it was made or obtained; or

(b)

the date of completion of the return or statement to which that record relates—

whichever is the later.

In the case of a natural person, 60 penalty units;

In the case of a body corporate, 120 penalty units.

Note to s. 24 inserted by No. 13/2013 s. 50(1).

Note

Section 26A applies to an offence against this section.

S. 25 amended by No. 28/2017 s. 93(1)(a)(2).

This Act’s bill:Explanatory memorandum Second reading speech

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24 Period of retention