(1) A transferor who is required to keep a record under section 21B must retain the record for not less than 5 years after—
(a) the date it was made or obtained; or
(b) the date on which the dutiable transaction occurred—
whichever is the later.
Penalty: 500 penalty units in the case of a body corporate;
100 penalty units in any other case.
Note to
s. 21C(1) inserted by No. 13/2013 s. 56(2).
Note
Section 130B of the Taxation Administration Act 1997 applies to an offence against this subsection.
(2) Subsection (1) does not apply to a transferor if the Commissioner authorises them in writing to destroy the record before the end of the 5-year period.
S. 21D inserted by No. 31/2008 s. 4.