(1)  A person must keep, or cause to be kept, all records that are necessary to enable the person's tax liability under a taxation law to be properly assessed.

Penalty:  In the case of –

(a) a body corporate, a fine not exceeding 500 penalty units; or

(b) in any other case, a fine not exceeding 100 penalty units.

(2)  Subsection (1) does not affect a provision of any other taxation law concerning the keeping of records.

(3)  The Commissioner, by written notice to a person who is required to keep a required record or cause a required record to be kept, may require the person to keep, or cause to be kept, additional records specified in the notice.

(4)  A person must comply with a notice under subsection (3) .

Penalty:  In the case of –

(a) a body corporate, a fine not exceeding 500 penalty units; or

(b) in any other case, a fine not exceeding 100 penalty units.