A New Tax System (Pay As You Go) Act 1999 (178 of 1999)

Schedule 1   Pay as you go (PAYG) system of collecting income tax and other liabilities

Part 2   Consequential amendment of Acts

Income Tax Assessment Act 1936

48   After subsection 262A(2)

Insert:

(2A) If an entity is required to withhold an amount under Division 12 in Schedule 1 to the Taxation Administration Act 1953, or to pay an amount to the Commissioner under Division 14 of that Schedule, the entity must keep records that record and explain all transactions and other acts engaged in by the entity that are relevant for the purposes of that Schedule.