53Period of retention

#### 53 Period of retention 53 Period of retention > > (1) A person who is required by a taxation law to keep a record must retain the record for not less than 5 years after— > > > > > (a) the date it was made or obtained, or > > > > > (b) the date of completion of the transaction or act to which it relates, > > > > whichever is the later. > > > > Maximum penalty—250 penalty units. > > > (2) A person may, with the written approval of the Chief Commissioner, destroy a record within the 5-year period unless another law requires the record to be retained for not less than 5 years. > > **s 53:** Am 2023 No 18, Sch 9\[4\].