SALES TAX ASSESSMENT ACT 1992 (Repealed)

PART 11 - MISCELLANEOUS

Division 3 - Miscellaneous offences

SECTION 127 (Repealed by 101 of 2006)   PERSONS WITH POSSIBLE SALES TAX LIABILITY MUST KEEP RECORDS  

127(1)  [Type and retention of records]  

A person who is the taxpayer for an assessable dealing, or the claimant for a credit, must:

(a)  keep records that record and explain all transactions and other acts engaged in by the person that are relevant to that assessable dealing or credit claim;

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

127(2)  [Manner of keeping records]  

A person who is required by this section to keep records must keep the records:

(a)  in writing in the English language, or in such a form that they are readily accessible and can easily be converted into writing in the English language; and

(b)  so as to enable the person's liability under the sales tax law to be readily ascertained.

127(3)  [Retention not required]  

The person is not required to retain the records if:

(a)  the Commissioner has notified the person that the person is not required to retain the records; or

(b)  the person is a company that has gone into liquidation and been finally dissolved.

Penalty: $3,000.