Coronavirus Economic Response Package (Payments and Benefits) Act 2020
SECTION 16
POST-PAYMENT RECORD KEEPING REQUIREMENTS
Scope of this section
16(1)
This section sets out the post-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
16(2)
If the rules require the entity to keep records that substantiate any information that the entity provides to the Commissioner in relation to the payment after the entity was paid the payment, then the entity must keep those records.
16(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
16(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).
16(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.
Period for retaining records
16(6)
The entity must retain the records for the period of 5 years after the payment was paid.
16(7)
The entity must continue to retain, for the period of 5 years after the payment was made, the records that the pre-payment record keeping requirements set out in section 15 required the entity to retain.
16(8)
Despite subsections (6) and (7), it is not necessary for the entity to continue to retain records if the Commissioner notifies the entity that it does not need to retain them.
Scope of this section
16(1)
This section sets out the post-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
16(2)
If the rules require the entity to keep records that substantiate any information that the entity provides to the Commissioner in relation to the payment after the entity was paid the payment, then the entity must keep those records.
16(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
16(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.
16(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.
Period for retaining records
16(6)
The entity must retain the records for the period of 5 years after the payment was paid.
16(7)
The entity must continue to retain, for the period of 5 years after the payment was made, the records that the pre-payment record keeping requirements set out in section 15 required the entity to retain.
16(8)
Despite subsections (6) and (7), it is not necessary for the entity to continue to retain records if the Commissioner notifies the entity that it does not need to retain them.
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