(1) A person that is
liable to pay duty must keep —
(a) the
records that are prescribed for the purposes of this section (if any); and
(b) any
other records necessary to enable the Commissioner to determine the
person’s liability to pay duty.
Penalty: a fine of $20 000.
(2) A person referred
to in section 225(1) or (2) must keep the records necessary to enable the
Commissioner to verify the information in any notice.
Penalty: a fine of $20 000.