Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 4 - Generic assessment, collection and recovery rules  

PART 4-25 - CHARGES AND PENALTIES  

Division 288 - Miscellaneous administrative penalties  

SECTION 288-25   PENALTY FOR FAILURE TO KEEP OR RETAIN RECORDS  

288-25(1)    
You are liable to an administrative penalty of 20 penalty units if:

(a)    a provision of a *taxation law requires you to keep or retain a record; and

(b)    you do not keep or retain that record in the manner required by that law.

288-25(2)    
Subsection (1) does not apply to:

(a)    documents required to be retained under Part X of the Fringe Benefits Tax Assessment Act 1986 (about statutory evidentiary documents); or

(b)    

documents required to be kept or retained under Division 900 of the Income Tax Assessment Act 1997 (about substantiation of expenses); or

(c)    

if you are given a *tax-records education direction - documents to which a record-keeping failure specified in the direction relates, unless you have not complied with the direction.

Note 1:

For paragraph (c) :

(a) for tax-records education directions, see section 384-12 ; and

(b) for whether you have complied with the direction, see subsection 384-15(3) .

Note 2:

See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.