Document ID: chunk:federal_register_of_legislation:C2025C00014:section:262a:p3
Version: federal_register_of_legislation:C2025C00014
Segment Type: section
Provision Reference: s 262A (pt 3/7)
Character Range: 1802476–1805069

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 14 of that Schedule, the entity must keep records that record and explain all transactions and other acts engaged in by the entity that are relevant for the purposes of that Schedule.
 (3) A person who is required by this section to keep records must:
 (a) keep the records in writing in the English language or so as to enable the records to be readily accessible and convertible into writing in the English language; and
 (b) keep the records so as to enable the person's liability under this Act to be readily ascertained; and
 (c) for records required to be kept under section 820‑960 of the Income Tax Assessment Act 1997—comply with the applicable provisions of that section; and
 (ca) for records required to be kept under section 230‑355 of the Income Tax Assessment Act 1997—comply with the applicable provisions of that section; and
 (d) for records required to be kept under section 820‑980 of that Act—comply with subsections (2) and (3) of that section; and
 (e) for records required to be kept under section 820‑985 of that Act—comply with subsections (2) and (3) of that section.
 (4) A person who has possession of any records kept or obtained under or for the purposes of this Act must retain those records until:
 (a) in a case to which paragraph (b) does not apply—the end of 5 years after those records were prepared or obtained, or the completion of the transactions or acts to which those records relate, whichever is the later; or
 (b) if the period (in this paragraph called the assessment period) within which the Commissioner may, under section 170, amend an assessment in respect of the person's income of the year of income to which those records relate, or in which a transaction or act to which those records relate was completed, is extended under subsection 170(7):
 (i) the end of the period of 5 years referred to in paragraph (a); or
 (ii) the end of the assessment period as so extended;
  whichever is the later.
 (4AAA) Subsection (4) does not apply to any record required to be kept by a provision in Schedule 1 to the Taxation Administration Act 1953.
Note: A defendant bears an evidential burden in relation to the matters in subsection (4AAA), see subsection 13.3(3) of the Criminal Code.
 (4A) A person who makes an election under subsection 371(8) must retain the election until the end of 5 years after the election was made.