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.
Penalty—Maximum penalty—100 penalty units.