Document ID: chunk:federal_register_of_legislation:C2007A00055:clause:3_10
Version: federal_register_of_legislation:C2007A00055
Segment Type: clause
Provision Reference: sch 3 cl 10
Character Range: 56789–58623

10  At the end of Division 382 in Schedule 1
Add:

Subdivision 382‑B—Record keeping obligations of deductible gift recipients

Table of sections

382‑15 Deductible gift recipients to keep records

382‑15  Deductible gift recipients to keep records

 (1) A *deductible gift recipient must:
 (a) keep records that record and explain all transactions and other acts the deductible gift recipient engages in that are relevant to the deductible gift recipient's status as a deductible gift recipient; and
 (b) retain those records for at least 5 years after the completion of the transactions or acts to which they relate.

Note 1: Section 288‑25 imposes an administrative penalty if an entity does not keep or retain records as required by this section.

Note 2: The Commissioner may request information from certain deductible gift recipients: see sections 353‑20 and 426‑40.

Requirements of records

 (2) The records must be:
 (a) in English, or readily accessible and easily convertible into English; and
 (b) such as to show that the *deductible gift recipient uses each of the following only for the principal purpose of the fund, authority or institution:
 (i) gifts of money or property for that purpose;
 (ii) contributions described in item 7 or 8 of the table in section 30‑15 of the Income Tax Assessment Act 1997 in relation to a *fund‑raising event held for that purpose;
 (iii) money received by the deductible gift recipient because of such gifts or contributions.

Exception

 (3) For the purposes of section 288‑25, this section does not require a *deductible gift recipient to retain a record if:
 (a) the Commissioner notifies the deductible gift recipient that the deductible gift recipient does not need to retain the record; or
 (b) the deductible gift recipient is a company that has been finally dissolved.