Indirect Tax Laws Amendment (Assessment) Act 2012 (39 of 2012)

Schedule 1   Assessment of amounts under indirect tax laws

Part 1   Amendments commencing on 1 July 2012

Division 3   Other amendments

Taxation Administration Act 1953

223   Paragraph 382-5(1)(b) in Schedule 1

Repeal the paragraph, substitute:

(b) retain those records for the longest of:

(i) 5 years after the completion of the transactions or acts to which they relate; and

(ii) the *period of review for any assessment of an *assessable amount to which those records, transactions or acts relate; and

(iii) if such an assessment has been amended under Subdivision 155-B - the period of 4 years mentioned in paragraph 155-70(2)(a) (which provides for a refreshed period of review) that applies to the latest such amendment.