Commonwealth Consolidated Acts

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INCOME TAX ASSESSMENT ACT 1997 - SECT 121.25

How long you must retain the records

             (1)  You must retain records that section 121-20 requires you to keep.

             (2)  You must retain them until the end of 5 years after it becomes certain that no * CGT event (or no further * CGT event) can happen such that the records could reasonably be expected to be relevant to working out whether you have made a * capital gain or * capital loss from the event.

          (2A)  An offence under this section is an offence of strict liability.

Note:          For strict liability , see section 6.1 of the Criminal Code .

             (3)  This section has effect despite subsection 262A(4) of the Income Tax Assessment Act 1936 (which requires records to be retained for a different period).

             (4)  However, it is not necessary to retain records:

                     (a)  if the Commissioner notifies you that you do not need to retain them; or

                     (b)  for a company that has finally ceased to exist.

Note 1:       There are special record keeping rules where there has been a roll-over for a merger between superannuation funds under former section 160ZZPI of the Income Tax Assessment Act 1936 : see section 121-25 of the Income Tax (Transitional Provisions) Act 1997 .

Penalty:  30 penalty units.

Note 2:       See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.



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