Taxation Laws Amendment Act (No. 2) 1995 (169 of 1995)

Schedule 3   VARIOUS AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936

Part 3   ROLL-OVER RELIEF FOR MERGING SUPERANNUATION FUNDS

30   After subsection 160ZZU(6)

Insert:

Mergers of qualifying superannuation funds-record-keeping requirements

for transferor

"(6A) If section 160ZZPI applies to the disposal of an asset by a

transferor (within the meaning of that section) to a transferee

(within the meaning of that section), the transferor must keep such

records in the English language as are necessary to establish that

that section applies to the disposal, including:

(a) records relating to the identity of the transferee; and

(b) the election under paragraph 160ZZPI(1)(c).

Mergers of qualifying superannuation funds-record-keeping requirements

for transferee

"(6B) If subsection 160ZZPI(3) or (4) applies to a subsequent

disposal of the asset by the transferee, the transferee must keep such

records in the English language as are necessary to establish that the

subsection applies to the subsequent disposal, including:

(a) records relating to the identity of the transferor; and

(b) a copy of the election under paragraph 160ZZPI(1)(c).

Period for retention of records under subsection (6A) or (6B)

"(6C) A person who has possession of any records kept under

subsection (6A) or (6B) must retain the records until:

(a) if subsection (6A) applies-the end of 5 years after the end of

the merger period (within the meaning of section 160ZZPIA); or

(b) if subsection (6B) applies-the end of 5 years after the

subsequent disposal of the asset by the transferee.

Penalty

"(6D) A person who, without reasonable excuse, contravenes

subsection (6A), (6B) or (6C) commits an offence punishable on

conviction by a penalty not exceeding 30 penalty units.".