Document ID: chunk:federal_register_of_legislation:C2004A00749:clause:5_14
Version: federal_register_of_legislation:C2004A00749
Segment Type: clause
Provision Reference: sch 5 cl 14
Character Range: 55013–56290

14  After subsection 70(1)
Insert:

 (1AAA) If you make any election, choice, estimate, determination or calculation under the GST law, you must:
 (a) keep records containing particulars of:
 (i) the election, choice, estimate, determination or calculation; and
 (ii) 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; and
 (b) retain those records:
 (i) if the GST law specifies circumstances in which the election, choice, estimate, determination or calculation ceases to have effect—for at least 5 years after the election, choice, estimate, determination or calculation ceased to have effect; or
 (ii) in any other case—for at least 5 years after the election, choice, estimate, determination or calculation was made.

 (1AAB) If you give the Commissioner a GST return that states a net amount that takes into account an input tax credit that is attributable to a tax period under subsection 29‑10(4) of the GST Act, you must:
 (a) keep records that record and explain all transactions and other acts you engage in that are relevant to the acquisition in question; and
 (b) retain those records for at least 5 years after the GST return was given to the Commissioner.