Document ID: chunk:federal_register_of_legislation:C2024A00023:clause:2_115
Version: federal_register_of_legislation:C2024A00023
Segment Type: clause
Provision Reference: sch 2 cl 115
Character Range: 113537–114468

115  After section 820‑980
Insert:

820‑985  Records about group ratio
 (1) An entity must keep records under this section for a *group ratio that the entity worked out for the purposes of this Division.
 (2) The records must:
 (a) contain particulars that have been taken into account in working out the *group ratio; and
 (b) be sufficient for a reasonable person to understand how the group ratio has been worked out.
 (3) The entity must prepare the records before the earlier of the following times:
 (a) the time by which the entity must lodge its *income tax return for the income year in relation to all or a part of which the amount is worked out;
 (b) the time at which the entity lodges its *income tax return for that income year.
Note: A person must comply with the requirements in section 262A of the Income Tax Assessment Act 1936 about the keeping of these records (see subsections (2AA) and (3) of that section).