Document ID: chunk:federal_register_of_legislation:C2025C00029:section:7:p39
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 7 (pt 39/58)
Character Range: 2394949–2397531

to be relevant to working out whether you have made a *capital gain or *capital loss from the event.
 (2A) An offence under this section is an offence of strict liability.
Note: For strict liability, see section 6.1 of the Criminal Code.
 (3) This section has effect despite subsection 262A(4) of the Income Tax Assessment Act 1936 (which requires records to be retained for a different period).
 (4) However, it is not necessary to retain records:
 (a) if the Commissioner notifies you that you do not need to retain them; or
 (b) for a company that has finally ceased to exist.
Note 1: There are special record keeping rules where there has been a roll‑over for a merger between superannuation funds under former section 160ZZPI of the Income Tax Assessment Act 1936: see section 121‑25 of the Income Tax (Transitional Provisions) Act 1997.
Penalty: 30 penalty units.
Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.

121‑30  Exceptions
 (1) You do not need to keep records under section 121‑20 if:
 (a) for each *CGT event (if any) that has happened such that the records are relevant (or could reasonably be expected to be relevant) to working out whether you have made a *capital gain or *capital loss from the event; and
 (b) for each *CGT event that may happen in the future such that the records could reasonably be expected to be relevant to working out whether you might make a *capital gain or *capital loss from the event;
any capital gain or capital loss you made (or might make) from it is to be (or would be) disregarded, except because of a roll‑over.
 (2) However, the exceptions in this section do not apply to a *CGT event as a result of which a *capital gain or *capital loss is disregarded under section 855‑40 (about capital gains and losses of foreign residents through *fixed trusts).

121‑35  Asset register entries
 (1) You satisfy a requirement under this Division to retain records for a period if you:
 (a) retain for that period an entry in a register for the records that satisfies the requirements in subsection (2), or a combination of the records and such an entry for them, containing all the information required to be contained in the records; and
 (b) retain those of the records that contain the information entered in the register for at least 5 years after the requirement in paragraph (2)(b) is satisfied.
 (2) The requirements are:
 (a) you must make an entry in a register, in English, setting out some or all of the information contained in the records; and
 (b) another entity who is a *registered