Document ID: chunk:federal_register_of_legislation:C2006C00616:clause:2_115
Version: federal_register_of_legislation:C2006C00616
Segment Type: clause
Provision Reference: sch 2 cl 115
Character Range: 63258–65325

115  After section 288‑20 in Schedule 1
Insert:

288‑25  Penalty for failure to keep or retain records

 (1) You are liable to an administrative penalty of 20 penalty units if:
 (a) a provision of a *taxation law requires you to keep or retain a record; and
 (b) you do not keep or retain that record in the manner required by that law.

 (2) Subsection (1) does not apply to:
 (a) documents required to be retained under Part X of the Fringe Benefits Tax Assessment Act 1986 (about statutory evidentiary documents); or
 (b) documents required to be kept or retained under Division 900 of the Income Tax Assessment Act 1997 (about substantiation of expenses).

Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.

288‑30  Penalty for failure to retain or produce declarations

  You are liable to an administrative penalty of 20 penalty units if:
 (a) a provision of a *taxation law requires you to retain or produce a declaration you made about an agent giving an *approved form to the Commissioner on your behalf; and
 (b) you do not retain or produce that declaration in the manner required by that law.

Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.

288‑35  Penalty for preventing access etc.

  You are liable to an administrative penalty of 20 penalty units if:
 (a) a provision of a *taxation law confers a power on an officer authorised under that law:
 (i) to enter or remain on land, premises or a place that you occupy; or
 (ii) to have access to documents, goods or other property in your possession; or
 (iii) to inspect, copy or take extracts from documents in your possession; or
 (iv) to inspect, examine, count, measure, weigh, gauge, test or analyse any goods or other property in your possession and, to that end, take samples; and
 (b) you refuse to provide the officer with all reasonable facilities for the officer effectively to exercise that power in accordance with that law.

Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.