Document ID: chunk:federal_register_of_legislation:F2024L01568:clause:2_3
Version: federal_register_of_legislation:F2024L01568
Segment Type: clause
Provision Reference: sch 2 cl 3
Character Range: 445374–446606

3               For how long must the levy payer keep the records?  Until the end of the period of 5 years beginning on the day after the end of the financial year in which the levy is imposed

Note 1: Section 18 of the Act contains an offence and a civil penalty for failing to make or keep the records in accordance with this instrument.
Note 2: A person claiming a levy exemption has record‑keeping obligations, see clause 32‑2 of this Schedule.

32‑2  Obligations of persons claiming levy exemption
  For the purposes of paragraph 59(2)(c) of the Act, this table has effect if:
 (a) logs are produced from trees felled in Australia; and
 (b) either:
 (i) the logs are processed in a financial year at a processing establishment in Australia for a commercial purpose; or
 (ii) the logs are turned into woodchips in the field and the woodchips are delivered to a processing establishment in Australia in a financial year for a commercial purpose; and
 (c) the proprietor of the processing establishment considers that an exemption from levy applies under clause 32‑2 of Schedule 2 to the Primary Industries (Excise) Levies Regulations 2024.

Record‑keeping
Item            Matter                                              Rule