Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-1 - CAPITAL GAINS AND LOSSES: GENERAL TOPICS  

Division 121 - Record keeping  

Operative provisions  

SECTION 121-25   How long you must retain the records  

121-25(1)    
You must retain records that section 121-20 requires you to keep.

121-25(2)    
You must retain them until the end of 5 years after it becomes certain that no *CGT event (or no further *CGT event) can happen such that the records could reasonably be expected to be relevant to working out whether you have made a *capital gain or *capital loss from the event.

121-25(2A)    

An offence under this section is an offence of strict liability.

Note:

For strict liability , see section 6.1 of the Criminal Code .

121-25(3)    
This section has effect despite subsection 262A(4) of the Income Tax Assessment Act 1936 (which requires records to be retained for a different period).

121-25(4)    
However, it is not necessary to retain records:

(a) if the Commissioner notifies you that you do not need to retain them; or

(b) for a company that has finally ceased to exist.

Note 1:

There are special record keeping rules where there has been a roll-over for a merger between superannuation funds under former section 160ZZPI of the Income Tax Assessment Act 1936 : see section 121-25 of the Income Tax (Transitional Provisions) Act 1997 .

Penalty: 30 penalty units.

Note 2:

See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.