Document ID: chunk:federal_register_of_legislation:C2004C01086:clause:6_3
Version: federal_register_of_legislation:C2004C01086
Segment Type: clause
Provision Reference: sch 6 cl 3
Character Range: 178818–180747

3  Subsections 161E(1) and (2)
Repeal the subsections, substitute:

 (1) The taxpayer must retain the declaration:
 (a) if the taxpayer is not a SPOR taxpayer for the year of income to which the return or application for amendment relates—for 5 years after the declaration is made; or
 (b) if the taxpayer is a SPOR taxpayer for the year of income to which the return or application for amendment relates—until the end of 2 years starting on:
 (i) the day on which tax is due and payable under the taxpayer's assessment or amended assessment for that year of income; or
 (ii) if no tax is due and payable for that year of income—the 30th day after the day on which notice from the Commissioner containing a statement to that effect is served on the taxpayer.

 (2) The taxpayer must produce the declaration if requested to do so by the Commissioner within the period of 5 years or 2 years, as the case requires.

 (2A) If:
 (a) either of the following subparagraphs applies:
 (i) the taxpayer is not a SPOR taxpayer for the year of income to which the return or application for amendment relates but had reasonable grounds to believe that he or she was a SPOR taxpayer for that year of income;
 (ii) the taxpayer was a SPOR taxpayer for that year of income but ceased to be a SPOR taxpayer for that year of income as a result of an amended assessment notice of which was served on the taxpayer after the 2 years referred to in paragraph (1)(b); and
 (b) if the Commissioner served on the taxpayer within the 2 years referred to in paragraph (1)(b) a notice requiring him or her to produce the declaration and the taxpayer was capable of doing so—the taxpayer complied with the notice;
the taxpayer is not guilty of an offence for:
 (c) failing to retain the declaration for the 5 years referred to in paragraph (1)(a); or
 (d) failing to produce the declaration within that period because the declaration had not been retained.