Document ID: chunk:federal_register_of_legislation:C2024C00844:section:115g
Version: federal_register_of_legislation:C2024C00844
Segment Type: section
Provision Reference: s 115G
Character Range: 356698–357550

115G  Vacancy fee liability—requirement to keep records

Main requirement
 (1) The person must:
 (a) keep records, in accordance with subsection (2), that record and explain all transactions and other acts the person engages in that are relevant to the person's liability for vacancy fees for each dwelling on the land in each vacancy year for the dwelling; and
 (b) retain those records for at least 5 years after the end of each such vacancy year.
Civil penalty: 500 penalty units.

Records in English
 (2) The records must be in English, or readily accessible and easily convertible into English.

Exception
 (3) This section does not require the person to retain a record if:
 (a) the Commissioner of Taxation notifies the person that the person does not need to retain the record; or
 (b) the person is a company that has been finally dissolved.