New South Wales Consolidated Acts

TAXATION ADMINISTRATION ACT 1996 - SECT 53

53 Period of retention

(1) A person who is required by a taxation law to keep a record must retain the record for not less than 5 years after--

(a) the date it was made or obtained, or

(b) the date of completion of the transaction or act to which it relates,

whichever is the later.

: Maximum penalty--250 penalty units.

(2) A person may, with the written approval of the Chief Commissioner, destroy a record within the 5-year period unless another law requires the record to be retained for not less than 5 years.