Document ID: chunk:federal_register_of_legislation:C2014C00464:clause:5_51:p2
Version: federal_register_of_legislation:C2014C00464
Segment Type: clause
Provision Reference: sch 5 cl 51 (pt 2/3)
Character Range: 94968–97677

and
 (d) retain those records for at least 5 years after the return was given to the Commissioner.

Records of elections, choices, estimates, determinations and calculations
 (4) If you make any election, choice, estimate, determination or calculation under an *indirect tax law, you must:
 (a) keep records containing particulars of:
 (i) the election, choice, estimate, determination or calculation; and
 (ii) in the case of an estimate, determination or calculation—the basis on which, and the method by which, the estimate, determination or calculation was made; and
 (b) retain those records:
 (i) if the indirect tax law specifies circumstances in which the election, choice, estimate, determination or calculation ceases to have effect—for at least 5 years after the election, choice, estimate, determination or calculation ceased to have effect; or
 (ii) in any other case—for at least 5 years after the election, choice, estimate, determination or calculation was made.
 (5) This section requires a record of an *arrangement entered into under section 153‑50 of the *GST Act to be kept and retained by the party entering into the arrangement as principal. It does not require such a record to be kept or retained by the party entering into the arrangement as agent.
 (6) This section requires records of a notice given under subsection 153‑65(2) of the *GST Act to be kept and retained by both the entity giving the notice and the entity receiving it.
 (7) Without limiting subsection (4), if you choose to apply Division 63 (non‑profit sub‑entities) of the *GST Act, you must:
 (a) keep records that record:
 (i) your choice to apply that Division; and
 (ii) each branch that is treated as a separate entity for the purposes of the *GST law; and
 (iii) each branch that has ceased to be treated as a separate entity for the purposes of the GST law; and
 (b) retain those records for at least 5 years after you revoke the choice.

Requirements of records
 (8) The records must be:
 (a) in English, or readily accessible and easily convertible into English; and
 (b) such as to enable your liabilities and entitlements under an *indirect tax law to be readily ascertained.

Offence
 (9) An entity commits an offence if:
 (a) the entity is required to keep or retain a record under this section; and
 (b) the entity does not keep or retain the record in accordance with this section.
Penalty: 30 penalty units.
Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.
Note 3: Section 288‑25 imposes an administrative penalty if an entity does not keep or retain records as