QLDIn ForceAct
Taxation Administration Act 2001
sec.118Period for keeping records
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sec.118 Period for keeping records
A person who is required under a tax law to keep a record must keep it until the later of the following— 5 years has elapsed after it was made or obtained; 5 years has elapsed after the completion of the transaction or matter to which it relates; if the person’s liability under a revenue law depends on the continued satisfaction of conditions for a period stated in the revenue law after the making of an assessment to which the record relates—2 years has elapsed after the end of the period. Maximum penalty—100 penalty units.
- (a) 5 years has elapsed after it was made or obtained;
- (b) 5 years has elapsed after the completion of the transaction or matter to which it relates;
- (c) if the person’s liability under a revenue law depends on the continued satisfaction of conditions for a period stated in the revenue law after the making of an assessment to which the record relates—2 years has elapsed after the end of the period.