Coronavirus Economic Response Package (Payments and Benefits) Act 2020
SECTION 15
PRE-PAYMENT RECORD KEEPING REQUIREMENTS
Scope of this section
15(1)
This section sets out the pre-payment record keeping requirements that apply to an entity in relation to a Coronavirus economic response payment in respect of a period.
Records to be kept
15(2)
The entity must keep records that enable the entity to substantiate any information that the entity provided to the Commissioner in relation to the payment before the entity was paid the payment.
15(3)
The records must be:
(a) in English; or
(b) readily accessible, and easily convertible into English.
When entity is taken to have met the record keeping requirements
15(4)
The entity is taken to have met the requirement set out in subsection (2) if the entity keeps records of a kind, and in a manner, specified in a written determination made by the Commissioner under subsection (5).
15(5)
For the purposes of subsection (4), the Commissioner may, by legislative instrument, specify:
(a) the kinds of records that an entity must keep for the purposes of that subsection; and
(b) the manner in which those records must be kept.
Scope of this section
15(1)
This section sets out the pre-payment record keeping requirements that apply to an entity in relation to a Coronavirus economic response payment in respect of a period.
Records to be kept
15(2)
The entity must keep records that enable the entity to substantiate any information that the entity provided to the Commissioner in relation to the payment before the entity was paid the payment.
Note:
Section 16 provides that the entity must continue to retain those records for 5 years after the entity is paid the payment.
15(3)
The records must be:
(a) in English; or
(b) readily accessible, and easily convertible into English.
When entity is taken to have met the record keeping requirements
15(4)
The entity is taken to have met the requirement set out in subsection (2) if the entity keeps records of a kind, and in a manner, specified in a written determination made by the Commissioner under subsection (5).
Note:
Sections 8L , 8Q and 8T of the Taxation Administration Act 1953 deal with keeping records incorrectly.
15(5)
For the purposes of subsection (4), the Commissioner may, by legislative instrument, specify:
(a) the kinds of records that an entity must keep for the purposes of that subsection; and
(b) the manner in which those records must be kept.
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