A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 6   Shorter period of review (SPOR) taxpayers

Part 1   Income Tax Assessment Act 1936

23   Section 18-100

Repeal the section, substitute:

18-100 Obligation to keep payment summary

(1) An entity that is given a *payment summary and a copy of it in any financial year under this Part must retain the copy:

(a) if the entity is not a *SPOR taxpayer for the income year constituted by that financial year - for 5 years after the end of that financial year; or

(b) if the entity is a SPOR taxpayer for that income year - for 2 years after:

(i) the day on which tax is due and payable under the entity's assessment for that income year; or

(ii) if no tax is due and payable for that income year - the 30th day after the day on which notice by the Commissioner containing a statement to that effect is served on the entity.

Penalty: 30 penalty units.

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

(2) An entity is not guilty of an offence for failing to retain a copy of a *payment summary given to the entity in a financial year if:

(a) either of the following subparagraphs applies:

(i) the entity was not a *SPOR taxpayer for the income year constituted by that financial year but had reasonable grounds to believe that the entity was a SPOR taxpayer for that income year;

(ii) the entity was a SPOR taxpayer for that income year but ceased to be a SPOR taxpayer for that income year as a result of an amended assessment notice of which was served on the entity after the 2 years referred to in paragraph (1)(b); and

(b) if the Commissioner served on the entity within the 2 years referred to in paragraph (1)(b) a notice requiring the entity to produce the summary - the entity complied with the notice.


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