123‑5 What records you must keep123‑5 What records you must keep

123‑5 What records you must keep

(1) You must keep records of every act, transaction, event or circumstance relating to your *mining operations or *pre‑mining operations that are relevant to working out any of the following: (a) whether you are, or another entity is, liable to pay *MRRT for an *MRRT year; (b) whether you are, or another entity is, entitled to an offset under Division 45 (low profit offsets) or Division 225 (rehabilitation tax offsets) of the Minerals Resource Rent Tax Act 2012. (2) If the necessary records of an act, transaction, event or circumstance: (a) do not already exist—you must create them or have someone else create them; or (b) no longer exist—you must reconstruct them or have someone else reconstruct them. (3) If you make any choice, election, estimate, determination or calculation under the *MRRT law, you must keep records containing particulars of: (a) the choice, election, estimate, determination or calculation; and (b) in the case of an estimate, determination or calculation—the basis on which, and the method by which, the estimate, determination or calculation was made. (4) The records must be: (a) in English, or readily accessible and easily convertible into English; and (b) such as to enable the things mentioned in subsection (1) or (3) (as the case requires) to be readily ascertained.