You will need to keep receipts, invoices, ledgers and other accounting records of a company or trust that relate to the calculation of its notional assessable income.
In addition, you will need to keep details of your interest in the company, the interests of your associates and how you worked out the amount you included in your assessable income.
This chapter also explains the substantiation requirements of the active income test, the use of offshore information notices and the keeping of records of elections.
Part |
Subject |
Applies to |
Action |
If not done |
|---|---|---|---|---|
| Part 1 | Record keeping for attribution |
Attributable taxpayer |
Keep records of attributable amount |
Prosecution $3,000 |
| Part 2 | Substantiation for active income test |
Attributable taxpayer |
Supply accounts and accounting information to Tax Office |
No offence if not supplied - but CFC fails active income test |
| Part 3 | Offshore information notice |
Taxpayer |
Produce documents |
Evidentiary sanction - no documents can be used in evidence without Commissioner's consent |
| Part 4 | Elections |
CFC or taxpayer |
Make election |
Treated as if no election made |