TAXATION LAWS AMENDMENT ACT 1992No. 35, 1992 - SECT 56 Keeping of records

TAXATION LAWS AMENDMENT ACT 1992No. 35, 1992 - SECT 56

56. Section 262A of the Principal Act is amended by inserting after subsection
(4) the following subsections:

"(4AA) A person who is a party to a joint election for roll-over relief made
under section 59AA, 122R, 123F, 124AO or 124W must retain the election, or a
copy, until the end of 5 years after the earlier of:

   (a)  the disposal by the person of the property; or

   (b)  the loss or destruction of the property.

"(4AB) A person who brings into existence a notice under section 62AAC, 62AAE
or 62AAF must retain the notice, or a copy, until the end of 5 years after the
notice came into existence.

"(4AC) If subsection 58(1), 73AA(1), 122JAA(1), 122JG(1), 123BBA(1), 123BF(1),
124AMAA(1), 124GA(1), 124JD(1) or 124PA(1) applies to the disposal of property
by the transferor referred to in that subsection to the transferee referred to
in that subsection:

   (a)  the transferor must give to the transferee, within the period
        specified in subsection (4AD), a notice containing such information
        about the transferor's holding of the property as will enable the
        transferee to work out how section 58, 73AA, 122JAA, 122JG, 123BBA,
        123BF, 124AMAA, 124GA, 124JD or 124PA, as the case may be, will apply
        to the transferee's holding of the property; and

   (b)  the transferee must retain the notice, or a copy, until the end of 5
        years after the earlier of:

        (i)    the disposal by the person of the property; or

        (ii)   the loss or destruction of the property.

"(4AD) The notice referred to in subsection (4AC) must be given within 6
months after the later of the following:

   (a)  the end of the year of income of the transferee in which the disposal
        occurred;

   (b)  the commencement of subsection (4AC); or within such further period as
        the Commissioner allows.

"(4AE) A person who makes an election under paragraph 54A(1)(a) in relation to
a unit of property must retain the election, or a copy, until the end of 5
years after the earlier of:

   (a)  the disposal by the person of the property; or

   (b)  the loss or destruction of the property.".