Tax Laws Amendment (Improvements to Self Assessment) Act (No. 2) 2005 (161 of 2005)

Schedule 1   Assessments

Part 4   Consequential amendments

Division 1   SPOR taxpayer provisions

Taxation Administration Act 1953

35   Application

The amendments made by items 33 and 34 apply in relation to payment summaries, and copies of payment summaries, given to entities in the financial year beginning on 1 July 2004 and later financial years.

36 Subsection 388-65(3) in Schedule 1

Repeal the subsection, substitute:

(3) You must retain the declaration or a copy of it for:

(a) 5 years after it is made; or

(b) a shorter period determined by the Commissioner in writing for you; or

(c) a shorter period determined by the Commissioner by legislative instrument for a class of entities that includes you.

(3A) A determination under paragraph (1)(c) may specify different periods for different classes of entities.