A New Tax System (Indirect Tax Administration) Act 1999 (59 of 1999)

Schedule 1   Taxation Administration Act 1953

84   Subsection 70(1)

Repeal the subsection, substitute:

(1) If you:

(a) make a taxable supply, taxable importation, creditable acquisition or creditable importation; or

(b) are liable for wine tax on a taxable dealing within the meaning of the Wine Tax Act, or are entitled to a wine tax credit within the meaning of that Act; or

(c) make a taxable supply of a luxury car, or a taxable importation of a luxury car, within the meaning of the Luxury Car Tax Act;

you must:

(d) keep records that record and explain all transactions and other acts you engage in that are relevant to that supply, importation, acquisition or dealing; and

(e) retain those records for at least 5 years after the completion of the transactions or acts to which they relate.

Note: The heading to section 70 is altered by omitting “ GST ” and substituting “ indirect tax ”.