Taxation Administration Act 1953

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

Note: See section 3AA .

Chapter 5 - Administration  

PART 5-25 - RECORD-KEEPING AND OTHER OBLIGATIONS RELATING TO TAXPAYERS  

Division 382 - Record-keeping  

Subdivision 382-A - Keeping records of indirect tax transactions  

SECTION 382-5   KEEPING RECORDS OF INDIRECT TAX TRANSACTIONS  

Records of transactions

382-5(1)    
You must:

(a) keep records that record and explain all transactions and other acts you engage in that are relevant to a *supply, importation, acquisition, dealing, manufacture or entitlement to which this subsection applies; and

(b) retain those records for the longest of:

(i) 5 years after the completion of the transactions or acts to which they relate; and

(ii) the *period of review for any assessment of an *assessable amount to which those records, transactions or acts relate; and

(iii) if such an assessment has been amended under Subdivision 155-B - the period of 4 years mentioned in paragraph 155-70(2)(a) (which provides for a refreshed period of review) that applies to the latest such amendment.

382-5(2)    
Subsection (1) applies to:

(a) a *taxable supply, *taxable importation, *creditable acquisition or *creditable importation made by you; or

(b) a *supply made by you that is *GST-free or *input taxed; or

(c) a *taxable dealing, in relation to *wine, on which you are liable for *wine tax; or

(d) any other assessable dealing within the meaning of the *Wine Tax Act made by you; or

(e) your entitlement to a *wine tax credit; or

(f) a *taxable supply of a luxury car, or a *taxable importation of a luxury car, made by you; or

(g) your entitlement to a special credit under the A New Tax System (Goods and Services Tax Transition) Act 1999 or the A New Tax System (Wine Equalisation Tax and Luxury Car Tax Transition) Act 1999 ; or

(h) if you are entitled to a *fuel tax credit for fuel that you acquire, manufacture or import - the acquisition, manufacture or importation; or

(i) if you are liable, as a recipient of a taxable supply, to pay the *GST on a taxable supply because of section 15C of the A New Tax System (Goods and Services Tax Transition) Act 1999 - the taxable supply.

382-5(3)    
If you give the Commissioner a return that takes into account:

(a) an *input tax credit that is attributable to a *tax period under subsection 29-10(4) of the *GST Act; or

(b) a *fuel tax credit that is attributable to a tax period or *fuel tax return period under subsection 65-5(4) of the Fuel Tax Act 2006 ;

you must:

(c) keep records that record and explain all transactions and other acts you engage in that are relevant to the acquisition or importation in question; and

(d) retain those records for at least 5 years after the return was given to the Commissioner.

Records of elections, choices, estimates, determinations and calculations

382-5(4)    
If you make any election, choice, estimate, determination or calculation under an *indirect tax law, you must:

(a) keep records containing particulars of:

(i) the election, choice, estimate, determination or calculation; and

(ii) in the case of an estimate, determination or calculation - the basis on which, and the method by which, the estimate, determination or calculation was made; and

(b) retain those records:

(i) if the indirect tax law specifies circumstances in which the election, choice, estimate, determination or calculation ceases to have effect - for at least 5 years after the election, choice, estimate, determination or calculation ceased to have effect; or

(ii) in any other case - for at least 5 years after the election, choice, estimate, determination or calculation was made.

382-5(5)    

This section requires a record of an *arrangement entered into under section 153-50 of the *GST Act to be kept and retained by the party entering into the arrangement as principal. It does not require such a record to be kept or retained by the party entering into the arrangement as intermediary (within the meaning of that section).

382-5(6)    
This section requires records of a notice given under subsection 153-65(2) of the *GST Act to be kept and retained by both the entity giving the notice and the entity receiving it.

382-5(7)    
Without limiting subsection (4), if you choose to apply Division 63 (non-profit sub-entities) of the *GST Act, you must:

(a) keep records that record:

(i) your choice to apply that Division; and

(ii) each branch that is treated as a separate entity for the purposes of the *GST law; and

(iii) each branch that has ceased to be treated as a separate entity for the purposes of the GST law; and

(b) retain those records for at least 5 years after you revoke the choice.

Requirements of records

382-5(8)    
The records must be:

(a) in English, or readily accessible and easily convertible into English; and

(b) such as to enable your liabilities and entitlements under an *indirect tax law to be readily ascertained.

Offence

382-5(9)    
An entity commits an offence if:

(a) the entity is required to keep or retain a record under this section; and

(b) the entity does not keep or retain the record in accordance with this section.

Penalty: 30 penalty units.

Note 1:

Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.

Note 2:

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

Note 3:

Section 288-25 imposes an administrative penalty if an entity does not keep or retain records as required by this section.

382-5(10)    
Subsection (9) is an offence of strict liability.

Note:

For strict liability, see section 6.1 of the Criminal Code .

Defence

382-5(11)    
Subsection (9) does not apply if:

(a) the Commissioner notifies the entity that the entity does not need to retain the record; or

(b) the entity is a company that has been finally dissolved.

Note:

A defendant bears an evidential burden in relation to the matters in subsection (10): see subsection 13.3(3) of the Criminal Code .

382-5(12)    
For the purposes of section 288-25 , this section does not require an entity to retain a record if:

(a) the Commissioner notifies the entity that the entity does not need to retain the record; or

(b) the entity is a company that has been finally dissolved.

Note:

Section 288-25 imposes an administrative penalty if an entity does not keep or retain records as required by this section.