Taxation Administration Act 2001
sec.114Requirement to keep proper records
Start here
Get a plain-English read of sec.114
Turn the raw legal text into a practical explanation grounded in Taxation Administration Act 2001.
sec.114 Requirement to keep proper records
A person must keep the records necessary to enable the person’s tax law liability to be ascertained. Maximum penalty—100 penalty units. For subsection (1) , the commissioner may, by written notice given to a person, require the person to keep a particular record stated in the notice for a stated revenue law. The person must not fail, without reasonable excuse, to comply with the notice. Maximum penalty—100 penalty units. A person who, under a notice given under a revenue law, is required to keep a stated record must comply with the requirement. Maximum penalty—100 penalty units. (sec.114-ssec.1) A person must keep the records necessary to enable the person’s tax law liability to be ascertained. Maximum penalty—100 penalty units. (sec.114-ssec.2) For subsection (1) , the commissioner may, by written notice given to a person, require the person to keep a particular record stated in the notice for a stated revenue law. (sec.114-ssec.3) The person must not fail, without reasonable excuse, to comply with the notice. Maximum penalty—100 penalty units. (sec.114-ssec.4) A person who, under a notice given under a revenue law, is required to keep a stated record must comply with the requirement. Maximum penalty—100 penalty units.