TASIn ForceAct
Taxation Administration Act 1997
63Period of retention
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### 63 Period of retention
> > (1) A person must retain a required record for not less than 5 years after whichever of the following is the later:
> >
> > > > (a) the date it was made or obtained;
> > >
> > > > (b) the date of completion of the transaction or act to which it relates.
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> > Penalty: In the case of –
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> > > > (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)](#GS63@Gs1@EN) does not apply to a person if the Commissioner authorises the person in writing to destroy the record before the end of the period referred to in that subsection.