Document ID: chunk:federal_register_of_legislation:C2014C00464:clause:5_51:p1
Version: federal_register_of_legislation:C2014C00464
Segment Type: clause
Provision Reference: sch 5 cl 51 (pt 1/3)
Character Range: 92515–95238

51  Before Division 388 in Schedule 1
Insert:

Division 382—Record‑keeping

Table of Subdivisions
 Guide to Division 382
382‑A Keeping records of indirect tax transactions

Guide to Division 382

382‑1  What this Division is about
      You are required to keep records of indirect tax transactions in accordance with this Division.

Subdivision 382‑A—Keeping records of indirect tax transactions

Table of sections
382‑5 Keeping records of indirect tax transactions

382‑5  Keeping records of indirect tax transactions

Records of transactions
 (1) You must:
 (a) keep records that record and explain all transactions and other acts you engage in that are relevant to a *supply, importation, acquisition, dealing, manufacture or entitlement to which this subsection applies; and
 (b) retain those records for at least 5 years after the completion of the transactions or acts to which they relate.
 (2) Subsection (1) applies to:
 (a) a *taxable supply, *taxable importation, *creditable acquisition or *creditable importation made by you; or
 (b) a *supply made by you that is *GST‑free or *input taxed; or
 (c) a *wine taxable dealing on which you are liable for *wine tax; or
 (d) any other assessable dealing within the meaning of the *Wine Tax Act made by you; or
 (e) your entitlement to a *wine tax credit; or
 (f) a *taxable supply of a luxury car, or a *taxable importation of a luxury car, made by you; or
 (g) your entitlement to a special credit under the A New Tax System (Goods and Services Tax Transition) Act 1999 or the A New Tax System (Wine Equalisation Tax and Luxury Car Tax Transition) Act 1999; or
 (h) if you are entitled to a *fuel tax credit for fuel that you acquire, manufacture or import—the acquisition, manufacture or importation; or
 (i) if you are liable, as a recipient of a taxable supply, to pay the *GST on a taxable supply because of section 15C of the A New Tax System (Goods and Services Tax Transition) Act 1999—the taxable supply.
 (3) If you give the Commissioner a return that takes into account:
 (a) an *input tax credit that is attributable to a *tax period under subsection 29‑10(4) of the *GST Act; or
 (b) a *fuel tax credit that is attributable to a tax period or *fuel tax return period under subsection 65‑5(4) of the Fuel Tax Act 2006;
you must:
 (c) keep records that record and explain all transactions and other acts you engage in that are relevant to the acquisition or importation in question; and
 (d) retain those records for at least 5 years after the return was given to the Commissioner.

Records of elections, choices, estimates, determinations and calculations
 (4) If you make any election, choice, estimate, determination or calculation under an *indirect