Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 121.35

             (1)  You satisfy a requirement under this Division to retain records for a period if you:

                     (a)  retain for that period an entry in a register for the records that satisfies the requirements in subsection (2), or a combination of the records and such an entry for them, containing all the information required to be contained in the records; and

                     (b)  retain those of the records that contain the information entered in the register for at least 5 years after the requirement in paragraph (2)(b) is satisfied.

             (2)  The requirements are:

                     (a)  you must make an entry in a register, in English, setting out some or all of the information contained in the records; and

                     (b)  another entity who is a * registered tax agent or some other person approved by the Commissioner must certify in the register that the information entered is information from those records.

Table of Subdivisions

             Guide to Division 122

122-A   Disposal or creation of assets by an individual or trustee to a wholly-owned company

122-B    Disposal or creation of assets by partners to a wholly-owned company

Guide to Division 122