Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_3:p6
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 6/9)
Character Range: 1722434–1725040

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 intermediary (within the meaning of that section).
 (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 required by this section.
 (10) Subsection (9) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

Defence
 (11) Subsection (9) does not apply 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: A defendant bears an evidential burden in relation to the matters in subsection (10): see subsection 13.3(3) of the Criminal Code.
 (12) For the purposes of section 288‑25, this section 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