Commonwealth Numbered Acts

FRINGE BENEFITS TAX ASSESSMENT ACT 1986 No. 39 of 1986 - SECT 132

132. (1) An employer shall-

   (a)  keep records that record and explain all transactions and other acts
        engaged in by the employer or any other person that are relevant for
        the purpose of ascertaining the employer's liability under this Act;
        and

   (b)  retain those records, and any records given to the employer under
        paragraph (2) (b), for a period of 7 years after the completion of the
        transactions or acts to which they relate.

(2) Where an associate of an employer provides, or arranges for the provision
of, fringe benefits to, or to associates of, employees of the employer, the
associate shall-

   (a)  keep records that record and explain all transactions and other acts
        engaged in by the associate or any other person in respect of the
        provision of those fringe benefits, being transactions or acts that
        are relevant for the purpose of ascertaining the employer's liability
        under this Act;

   (b)  give to the employer a copy of the records, so far as they relate to a
        year of tax, not later than 21 days after the end of that year of tax;
        and

   (c)  retain those records for a period of 7 years after the completion of
        the transactions or acts to which they relate.

(3) A person who is required by this section to keep records shall keep the
records-

   (a)  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)  so as to enable the employer's liability under this Act to be readily
        ascertained.

(4) Nothing in this section shall be taken to require a person (in this
sub-section referred to as the "record keeper") to keep a record of
information relating to a transaction or act engaged in by another person if-

   (a)  where the transaction or act was entered into or done under an
        arrangement to which the record keeper was a party-

        (i)    the record keeper made all reasonable efforts-

                (A)  to ascertain whether the transaction had been entered
                     into or the act had been done; and

                (B)  to obtain the information; and

        (ii)   did not know, and could not reasonably be expected to have
               known, the information; or

   (b)  in any other case-the record keeper did not know, and could not
        reasonably be expected to have known, the information.

(5) Nothing in this section shall be taken to require a person to retain
records where-

   (a)  the Commissioner has notified the person that retention of the records
        is not required; or

   (b)  the person is a company that has gone into liquidation and been
        finally dissolved.
Penalty: $2,000.