Victorian Numbered Regulations Victorian Numbered Regulations(1) For the purposes of assessing or verifying the amount of royalties payable, a licensee must retain the books and records of production, disposals, transfers, sales and costs under the licence for at least 5 years.
Penalty: 10 penalty units.
(2) For the purposes of assessing or verifying the amount of royalties payable by a licensee, the Department Head, or an officer of the Department authorised by the Department Head, may inspect the whole or any part of the books and records retained under subregulation (1).