Document ID: chunk:federal_register_of_legislation:C2025C00139:section:14:p12
Version: federal_register_of_legislation:C2025C00139
Segment Type: section
Provision Reference: s 14 (pt 12/66)
Character Range: 59982–62991

or
 (b) readily accessible and easily convertible into English.

Registered entities must retain records
 (4) Subject to subsection (5), the registered entity must retain the records for 7 years after the transactions, operations or acts covered by the records are completed.
 (5) The Commissioner may notify the entity in writing that it does not need to retain certain records under subsection (4).

Offence
 (6) A registered entity commits an offence if the entity does not comply with this section.
Penalty: 20 penalty units.
 (7) An offence against subsection (6) is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.

55‑10  Recognised assessment activity
  A recognised assessment activity, in relation to a registered entity, is:
 (a) an activity carried out by the Commissioner involving assessment of the entity's entitlement to registration as a type or subtype of entity; or
 (b) an activity carried out by the Commissioner involving assessment of the entity's compliance with this Act and the regulations; or
 (c) an activity carried out by the Commissioner of Taxation involving assessment of the entity's compliance with any taxation law.

Division 60—Reporting

Subdivision 60‑A—Overview

60‑1  Simplified outline
  The following is a simplified outline of this Division:

      This Division sets out the reporting obligations for registered entities based upon the entity's size and determined according to whether the entity is a small, medium or large registered entity.
      All registered entities must provide the Commissioner with an annual information statement.
      Medium and large entities must also provide the Commissioner with a financial report. Generally, financial reports need to be reviewed for medium entities or audited for large entities.
      Additional reporting obligations may be placed on registered entities by the Commissioner in special circumstances, for example, if the Commissioner is concerned about an entity's compliance with this Act.

Subdivision 60‑AA—Object of this Division

60‑3  Object of this Division
 (1) The object of this Division is to promote:
 (a) the transparency and accountability of registered entities; and
 (b) the reduction of reporting obligations of registered entities under other Australian laws.
 (2) The Division does this by requiring registered entities to provide information to the Commissioner that:
 (a) relates to this Act or the taxation law; and
 (b) the Commissioner:
 (i) will use for the purposes of this Act; or
 (ii) may pass on to other Australian government agencies, removing the need for those agencies to require the information from the registered entities; or
 (iii) will make publicly available by publishing it on the Register.
Note 1: Other Australian laws provide that giving information to the Commissioner in accordance with this Act satisfies the reporting requirements of those laws.
Note 2: Division 40 limits the information the Commissioner may