Document ID: chunk:federal_register_of_legislation:C2004C01086:clause:6_23
Version: federal_register_of_legislation:C2004C01086
Segment Type: clause
Provision Reference: sch 6 cl 23
Character Range: 192599–194301

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.

Part 3—Application of amendments