CTHRepealedAct
A New Tax System (Goods and Services Tax Administration) Act 1999
70Keeping records of GST transactions
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##### 70 Keeping records of GST transactions
(1) If you make a taxable supply, taxable importation, creditable acquisition or creditable importation you must:
(a) keep records that record and explain all transactions and other acts you engage in that are relevant to that supply, importation or acquisition; and
(b) retain those records for at least 5 years after the completion of the transactions or acts to which they relate.
(2) The records must be:
(a) in English, or readily accessible and easily convertible into English; and
(b) such as to enable your liability under the GST law to be readily ascertained.
(3) However, it is not necessary to retain records:
(a) if the Commissioner notifies you that you do not need to retain them; or
(b) for a company that has been finally dissolved.
(4) If you contravene this section, you are guilty of an offence.
Maximum penalty: 30 penalty units.
> Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.
> Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.