Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The period for which a service provider must keep, or cause to be kept, information or a document under section 187A is:
(a) if the information is about, or the document contains information about, a matter of a kind described in paragraph (a) or (b) in column 2 of item 1 of the table in subsection 187AA(1)--the period:
(i) starting when the information or document came into existence; and
(ii) ending 2 years after the closure of the account to which the information or document relates; or
(i) starting when the information or document came into existence; and
(ii) ending 2 years after it came into existence.
(2) However, the regulations may prescribe that, in relation to a specified matter of a kind described in paragraph (a) or (b) in column 2 of item 1 of the table in subsection 187AA(1), the period under subsection (1) of this section is the period referred to in paragraph (1)(b) of this section.
(3) This section does not prevent a service provider from keeping information or a document for a period that is longer than the period provided under this section.
Note: Division 3 provides for reductions in periods specified
under this section.