Document ID: chunk:federal_register_of_legislation:C2015C00338:clause:1_4:p15
Version: federal_register_of_legislation:C2015C00338
Segment Type: clause
Provision Reference: sch 1 cl 4 (pt 15/17)
Character Range: 53078–55863

give the notice:
 (a) in writing, or in another form acceptable to the new entity; and
 (b) within 60 days of the incurring of the amount.
Note: Section 286‑75 provides an administrative penalty for a breach of this section. A breach of this section may also be an offence under section 8C, and making a false or misleading statement when providing the information may be an offence under section 8K or 8N.

121‑15  Substantiation requirement
 (1) An entity that receives information from another entity under this Division may request the other entity to provide further and better particulars of the information, including:
 (a) if relevant, the underlying document or information on which it was based; and
 (b) in relation to an amount, the way in which it was calculated.
 (2) The other entity must comply with the request within 60 days of the request being made.
Note: Section 286‑75 provides an administrative penalty for a breach of this section. A breach of this section may also be an offence under section 8C, and making a false or misleading statement when providing the information may be an offence under section 8K or 8N.

Division 123—Record keeping

Guide to Division 123

123‑1  What this Division is about
      You are required to keep records relating to your mining operations or pre‑mining operations in accordance with this Division.

Table of sections

Operative provisions
123‑5 What records you must keep
123‑10 Retaining records
123‑15 Offence for failing to keep or retain records

Operative provisions

123‑5  What records you must keep
 (1) You must keep records of every act, transaction, event or circumstance relating to your *mining operations or *pre‑mining operations that are relevant to working out any of the following:
 (a) whether you are, or another entity is, liable to pay *MRRT for an *MRRT year;
 (b) whether you are, or another entity is, entitled to an offset under Division 45 (low profit offsets) or Division 225 (rehabilitation tax offsets) of the Minerals Resource Rent Tax Act 2012.
 (2) If the necessary records of an act, transaction, event or circumstance:
 (a) do not already exist—you must create them or have someone else create them; or
 (b) no longer exist—you must reconstruct them or have someone else reconstruct them.
 (3) If you make any choice, election, estimate, determination or calculation under the *MRRT law, you must keep records containing particulars of:
 (a) the choice, election, estimate, determination or calculation; and
 (b) in the case of an estimate, determination or calculation—the basis on which, and the method by which, the estimate, determination or calculation was made.
 (4) The records must be:
 (a) in English, or readily accessible and easily convertible into English; and
 (b) such as to