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Period of Retention

Tax Offences – VIC

Welcome to the VIC Period of retention article page. Everything you need to know about Period of retention according to VIC law.

What the Law States according to VIC Law for Period of retention

According to VIC Law for the charge of Period of retention,

Taxation Administration Act 1997 – SECT 55
Period of retention

55. Period of retention

(1) A person who is required by a taxation law to keep a record must retain the record for not less than 5 years after-

(a) the date it was made or obtained; or

(b) the date of completion of the transaction or act to which it relates-

whichever is the later. Penalty: 500 penalty units in the case of a body corporate; 100 penalty units in any other case.

(2) Subsection (1) does not apply to a person if the Commissioner authorises them in writing to destroy the record before the end of the 5-year period.

The Maximum Penalty – Period of retention

According to VIC Law for the charge of Period of retention:

500 penalty units for a corporation
100 penalty units for a person

What the Police must prove according to VIC Law for Period of retention

1. The accused was required by a taxation law to keep a record.

2. The accused did not retain the record for at least 5 years after the later of the date it was obtained, or date of the transaction to which it relates.

3. The Commissioner of Taxation did not authorise the person in writing to destroy the record.

Possible Defences under VIC Law – Period of retention

1. Factual dispute
2. No requirement to keep a record
3. Authorisation to destroy

In VIC which court will hear the matter – Period of retention

Magistrates’ Court

 

Date: 09/01/2009

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