Victorian Current Acts

TAXATION ADMINISTRATION ACT 1997 - SECT 55

    (1)     A person who is required by a taxation law to keep a record must retain the record for not less than 5 years after—

        (a)     the date it was made or obtained; or

        (b)     the date of completion of the transaction or act to which it relates—

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. 55(1)
inserted by No. 13/2013 s. 46(3).

Note

Section 130B applies to an offence against this subsection.

    (2)     Subsection (1) does not apply to a person if the Commissioner authorises them in writing to destroy the record before the end of the 5-year period.

S. 55(3) inserted by No. 23/2010 s. 26.

    (3)     In this section the date of completion of the transaction or act in relation to a contribution imposed under Part 9B of the Planning and Environment Act 1987 , means the later of the following—

        (a)     the date of occurrence of the first GAIC event (within the meaning of that Part) that results in liability to pay the contribution;

        (b)     the date for final payment of the contribution if the person has been granted an approval for the staged payment of the contribution or the payment of the whole or part of the contribution has been deferred under that Part.