Overview
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.
This chapter also explains the record-keeping requirements for accessing FIF exemptions.
Part |
Subject |
Applies to |
Action |
If not done |
|---|---|---|---|---|
Record keeping for CFC attributable taxpayers |
Attributable taxpayer |
Keep records of CFC attributable amount |
Prosecution, with a maximum penalty of $3,300 |
|
Passing the active income test |
Attributable taxpayer |
Supply accounts and accounting information to ATO |
No offence if not supplied, but CFC fails active income test |
|
Can the ATO ask you to get information from overseas? |
Taxpayer |
Produce documents |
Evidentiary sanction: no documents can be used in evidence without the consent of the Commissioner of Taxation (Commissioner) |
|
What records of elections must you keep? |
CFC or taxpayer |
Make election |
Treated as if no election made |
|
Record keeping for FIF attributable taxpayers |
Taxpayer |
Keep records of FIF attribution accounts |
|