Document ID: chunk:federal_register_of_legislation:C2015C00338:clause:1_4:p16
Version: federal_register_of_legislation:C2015C00338
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 16/17)
Character Range: 55605–58283

estimate, determination or calculation—the basis on which, and the method by which, the estimate, determination or calculation was made.
 (4) The records must be:
 (a) in English, or readily accessible and easily convertible into English; and
 (b) such as to enable the things mentioned in subsection (1) or (3) (as the case requires) to be readily ascertained.

123‑10  Retaining records
  You must retain the records required by section 123‑5 until the latest of the following:
 (a) if it is a record mentioned in subsection (1) of that section—5 years after the completion of the act, transaction, event or circumstance to which it relates;
 (b) if it is a record mentioned in subsection (3) of that section—5 years after the choice, election, estimate, determination or calculation was made;
 (c) 5 years after you prepared or obtained the records;
 (d) if the records are relevant to an assessment of *MRRT for an *MRRT year—the end of the *period of review for that assessment.

123‑15  Offence for failing to keep or retain records
 (1) An entity commits an offence if:
 (a) the entity is required to keep or retain a record under this Division; and
 (b) the entity does not keep or retain the record in accordance with this Division; and
 (c) the Commissioner has not notified the entity that the entity does not need to retain the record; and
 (d) the entity is not a company that has been finally dissolved.
Penalty: 30 penalty units.
 (2) Subsection (1) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
 (3) For the purposes of section 288‑25, section 123‑10 does not require an entity to retain a record if:
 (a) the Commissioner notifies the entity that the entity does not need to retain the record; or
 (b) the entity is a company that has been finally dissolved.
Note: Section 288‑25 imposes an administrative penalty if an entity does not keep or retain records as required by this Division.

Division 125—Miscellaneous

Table of sections
125‑1 Address for service

125‑1  Address for service
 (1) Your address for service for the purposes of the *MRRT law is:
 (a) a physical address in Australia; or
 (b) a postal address in Australia; or
 (c) an electronic address;
that you have given the Commissioner as your address for service for the purposes of the MRRT law.
 (2) If you have given the Commissioner more than one address for service for the purposes of subsection (1), your address for service is such of those addresses as the Commissioner considers reasonable in the circumstances.
 (3) If you have not given the Commissioner an address for service, your address for service is the address that the