Document ID: chunk:federal_register_of_legislation:C2025C00014:section:262a:p2
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 262A (pt 2/7)
Character Range: 1800003–1802698

the purpose of ascertaining the person's income and expenditure; and
 (b) documents containing particulars of any election, choice, estimate, determination or calculation made by the person under this Act and, in the case of an estimate, determination or calculation, particulars showing the basis on which and method by which the estimate, determination or calculation was made.
 (2AAA) Subsection (1) applies to a participant in a forestry managed investment scheme in relation to the scheme even if the participant is not carrying on a business in relation to the scheme.
 (2AAB) Subsection (2AAC) applies to the forestry manager of a forestry managed investment scheme if:
 (a) the forestry manager (or an associate of the forestry manager) receives an amount under the scheme; and
 (b) the amount is included in the forestry manager's (or the associate's) assessable income under section 15‑46 of the Income Tax Assessment Act 1997.
 (2AAC) The records to be kept under subsection (1) by the forestry manager include records about the basis on which the scheme satisfies the requirement in paragraph 394‑10(1)(c) of the Income Tax Assessment Act 1997 (the 70% DFE rule).
 (2AAD) Subsection (1) applies to a person who has a Division 230 financial arrangement even if the person is not carrying on a business in relation to the arrangement. However, that subsection only requires the person to keep records that, for the purposes of this Act, are relevant to the arrangement.
 (2AAE) To avoid doubt, for the purposes of subsection (4), if the records mentioned in that subsection relate to a Division 230 financial arrangement that a person has, the transactions or acts mentioned in that subsection are taken to be completed at:
 (a) the end of the year of income in which the person ceases to have the arrangement; or
 (b) if:
 (i) the person applies the hedging financial arrangement method in Subdivision 230‑E of the Income Tax Assessment Act 1997 to determine the amount of one or more gains or losses the person makes from the arrangement; and
 (ii) determining the way in which those gains or losses are dealt with in accordance with subsection 230‑310(4) of that Act is possible only at a time after the end of the income year mentioned in paragraph (a);
  the end of the year of income in which that time occurs.
 (2AA) The records to be kept under subsection (1) include records required to be kept for the purposes of section 820‑960, 820‑980 or 820‑985 of the Income Tax Assessment Act 1997.
 (2A) If an entity is required to withhold an amount under Division 12 in Schedule 1 to the Taxation Administration Act 1953, or to pay an amount to the Commissioner under Division 13 or