Taxation Administration (Private Ancillary Fund) Guidelines 2019
17Keeping accounts
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17 Keeping accounts
(1) The trustee of a *private ancillary fund must keep, or cause to be kept, proper accounts in respect of all of the fund’s receipts and payments and all financial dealings connected with the fund, and must retain those accounts for at least 5 years after the completion of the transactions or acts to which they relate.
Note: See also Subdivision 382‑B in Schedule 1 to the Act for rules about record-keeping obligations of deductible gift recipients.
Penalty: 10 penalty units.
(2) The trustee must make the accounts available to the Commissioner on request.
Penalty: 10 penalty units.