Taxation Administration Act 1997
60Keeping records
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60 Keeping records
(1) A person must keep, or cause to be kept, all records that are necessary to enable the person's tax liability under a taxation law to be properly assessed.
Penalty: In the case of –
(a) a body corporate, a fine not exceeding 500 penalty units; or
(b) in any other case, a fine not exceeding 100 penalty units.
(2) Subsection (1) does not affect a provision of any other taxation law concerning the keeping of records.
(3) The Commissioner, by written notice to a person who is required to keep a required record or cause a required record to be kept, may require the person to keep, or cause to be kept, additional records specified in the notice.
(4) A person must comply with a notice under subsection (3) .
Penalty: In the case of –
(a) a body corporate, a fine not exceeding 500 penalty units; or
(b) in any other case, a fine not exceeding 100 penalty units.