FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 123 Retention of statutory evidentiary documents

FRINGE BENEFITS TAX ASSESSMENT ACT 1986 - SECT 123

  (1)   For the purposes of Part   III, where an employer fails to retain, for the retention period, a statutory evidentiary document given to or made by the employer, the statutory evidentiary document shall be deemed never to have been given to or made by the employer.

  (2)   For the purposes of sections   10A and 10B, where an employer fails to retain, for the retention period, statutory evidentiary documents, being log book records or odometer records maintained by or on behalf of the employer, those documents shall be deemed never to have been maintained.

  (3)   For the purposes of subparagraph   24(1)(c)(ia) or (i), where an employer fails to retain, for the retention period, statutory evidentiary documents, being substitute documentary evidence maintained by or on behalf of the employer, those documents shall be deemed never to have been maintained.

  (4)   Where:

  (a)   a statutory evidentiary document (in this subsection referred to as the original document ) in relation to an employer is lost or destroyed; and

  (b)   the employer has a document (the substitute document ) that:

  (i)   is a copy of the original document; or

  (ii)   properly records all of the matters as set out in the original document and was in existence when the original document was lost or destroyed;

the substitute document shall be deemed, for the purposes of this section, to be, and to have been at all times after the original document was lost or destroyed, the original document.

  (5)   Where:

  (a)   a statutory evidentiary document in relation to an employer is lost or destroyed; and

  (b)   the Commissioner is satisfied that:

  (i)   the employer took all reasonable precautions to prevent loss or destruction of the document; and

  (iii)   subsection   (4) does not apply in relation to the document; and

subsection   (1), (2) or (3), as the case requires, does not apply, and shall be deemed not to have applied, at any time after the document was lost or destroyed.

  (6)   Where:

  (a)   a provision of this Act makes provision for a person to give a statutory evidentiary document (in this subsection referred to as the original document ) to an employer;

  (b)   the original document is lost or destroyed before it is given to the employer; and

  (c)   the Commissioner is satisfied that:

  (i)   the person took all reasonable precautions to prevent loss or destruction of the document; and

  (iii)   the person does not have a document that:

  (A)   is a copy of the original document; or

  (B)   properly records all of the matters set out in the original document and was in existence when the original document was lost or destroyed; and

that provision of this Act has effect as if the original document had been given by the person to the employer and had been retained by the employer for the retention period.

  (7)   Nothing in section   74 prevents the amendment of an assessment for the purpose of giving effect to this section.