Commonwealth Consolidated Acts

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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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