SOME COMMON LEGISLATIVE RECORD KEEPING REQUIREMENTS
Requirements under Commonwealth Tax Assessment Acts
REQUIREMENTS UNDER COMMONWEALTH TAX ASSSESSMENT ACTS
TYPE OF RECORD
RETENTION
LOCATION
DISPOSAL
OF
RECORDS
ON
DEREGISTRATION OR LIQUIDATION
Income Tax - Income Tax Assessment Act 1936 (Cth) and Income Tax Assessment Act 1997 (Cth)
Every taxpayer carrying on a Usually 5 years
business must keep records ITAA 1936 (Cth)
s 262A(4)
of all relevant transactions.
ITAA 1936 (Cth) s 262A(1).
COMMENTS
The records to be kept are
set out in
s 262A(2) ITAA 1936
Substantiation Rules
™ Work Expenses
ITAA 1997 (Cth)
900.15 and 900.20
ss
Meaning
of
‘work
expense’
ITAA 1997 (Cth) s
900.30
™ Car Expenses
ITAA 1997 (Cth)
900.70
s
Where there is a dispute with the
Commissioner of
Taxation, records may need to be
retained longer than five years:
ITAA 1997 (Cth) ss 900.25(3) and
900.170
5 years:
ITAA 1997 (Cth)
Ss 900.25(1) and
(2)
Where there is a dispute with the
Commissioner of Taxation, records
may need to be retained longer than
five years.
5 years:
ITAA 1997 (Cth)
ss 900.75(1)
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REQUIREMENTS UNDER COMMONWEALTH TAX ASSSESSMENT ACTS
TYPE OF RECORD
™ Business
Travel
Expenses
ITAA 1997 (Cth) ss
900.80 and 900.85
RETENTION
LOCATION
DISPOSAL
OF
RECORDS
ON
DEREGISTRATION OR LIQUIDATION
and (2)
ITAA 1997 (Cth) ss 900.75(3) and
900.170
5 years:
ITAA 1997 (Cth)
ss 900.90(1)
and (2)
Where there is a dispute with the
Commissioner of Taxation, records
may need to be retained longer
than five years.
ITAA 1997 (Cth) ss 900.90(3) and
900.170
Meaning of ‘business
travel expense: s 900.95
ITAA 1997
Capital Gains Tax
All relevant records relating
to a CGT event should be
retained.
ITAA 1997 (Cth) ss 100-65,
121-20 and 121-25(1)
COMMENTS
At least 5 years
after
a
CGT
event:
ITAA 1997 (Cth)
ss 100-70 and
121-25(2)
It is not necessary to retain records where a
company has formally ceased to exist.
ITAA 1997 (Cth) s 121-25(4).
Section 121-25(2) ITAA 1997 has
effect although it may contradict
section 262A(4) ITAA 1936.
s 121-25(3) ITAA 1997
Records need not be retained where a
person is a company that has gone into
liquidation and been finally dissolved.
s132(5)(b) Fringe Benefits Tax Assessment
Act 1986 (Cth)
Part XIA of the Fringe Benefits Tax
Assessment Act 1986 (Cth) details
certain situations where there is an
exemption from the requirements of s
132(1)(b).
A CGT event is defined in
Part 6.5 ITAA 1997
Fringe Benefits - Fringe Benefits Tax Assessment Act 1986 (Cth)
All records that record and 5 years:
1986
explain all transactions and FBTAA
other acts engaged in by an (Cth) ss 132(1)(b)
employer , his associate or and 132(2)(c)
any other person that are
relevant for determining the
employer’s liability under the
FBTAA 1986 (Cth) ss
Records need not be retained where
the
Commissioner
has
given
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REQUIREMENTS UNDER COMMONWEALTH TAX ASSSESSMENT ACTS
TYPE OF RECORD
RETENTION
LOCATION
DISPOSAL
OF
RECORDS
ON
DEREGISTRATION OR LIQUIDATION
132(1)(a) and132(2)(a)
notification to that effect.
s 132(5)(a) Fringe Benefits
Assessment Act 1986 (Cth)
GST – Taxation Administration Act 1953 (Cth)
An entity which makes a 5 years
taxable supply, GST –free s 70(1)(e) TAA
supply, input taxed supply, 1953
taxable
importation,
creditable acquisition or
importation is required to
keep the relevant records to
identify and explain those
transactions.
s
70(1)(d)
Taxation
Administration Act
1953
(Cth)
An entity must also keep
records of the particulars of
any
elections,
choices,
estimates,
determinations
and calculations made: s
70(1AAA) TAA 1953
COMMENTS
It is not necessary to keep records for a
company that has been finally dissolved.
s 70(3)(b) TAA 1953
5 years
s
70(1AAA)(b)
TAA 1953
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Tax
Records need not be retained where
the
Commissioner
has
given
notification to that effect.
s 70(3)(a) TAA 1953
Requirements for Queensland cooperatives under the Cooperatives Act 1997 (Qld)
REQUIREMENTS FOR COOPERATIVES
TYPE OF RECORD
Financial
S 232(2)(a) A cooperative
must
keep
financial
records.
RETENTION
(years)
LOCATION
DISPOSAL OF RECORDS ON WINDING-UP OR
CANCELLATION
COMMENTS
There does not
appear to be a
requirement
that
financial records be
held for a specified
period of time.
No location is stated although
there is a reference in the
Model Rules to keeping a copy
of the last annual report at the
registered
office
of
the
cooperative.
Winding-up and Deregistration
On winding up, must be distributed as required by the
rules of the cooperative.
A
cooperative
is
declared to be an
applied Corporations
legislation matter.
s 232(1), Reg. 12
•
Model Rule 53(1)(c) for
a
non-trading
cooperative
without
share capital.
• Model Rule 63(1)(c) for
o trading or
o non-trading
cooperatives with share
capital
Schedule 8 contains a definition of financial
records. Financial records include:
(a) invoices, receipts, orders for the payment of
money, bills of exchange, cheques, promissory
notes and vouchers; and
(b) documents of prime entry; and
(c) working papers and other documents
needed to explain:
(i) the methods by which financial statements
are made up; and
(ii) adjustments to be made in preparing
financial statements.
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Sections 306-311; Schedule 1(w), Regulations 33-34.
• Model Rule 53(1)(c) for a non-trading
cooperative without share capital.
• Model Rule 63(1)(c) for
o trading or
o non-trading
cooperatives with share capital
Requirements under the Corporations Act 2001 (Cth) for a company limited by guarantee
REQUIREMENTS FOR COMPANIES LIMITED BY GUARANTEE UNDER THE CORPORATIONS ACT
TYPE OF RECORD
Financial
A company, registered scheme or disclosing
entity must keep written financial records: s
286(1)
RETENTION
(years)
LOCATION
DISPOSAL OF RECORDS ON WINDING-UP OR
CANCELLATION
7 years
s 286(2)
A company, registered scheme or
disclosing entity may decide
where to keep the financial
records.
s 289(1)
On deregistration, all financial records vest in the
ASIC.
s 601AD(2)
s 9 defines financial records
“Financial records includes:
(a) invoices, receipts, order for the payment of
money, bills of exchange, cheques,
promissory notes and vouchers; and
(b) documents of prime entry; and
(c) working papers and other documents
needed to explain:
(i) the methods by which financial
statements are made up; and
(ii) adjustments to be made in preparing
financial statements.
Registers
Companies must keep a register of members
containing the following information
(a) the member's name and address;
(b) the date on which the entry of the
member's name in the register is made.
Section 169.
Companies must keep a register of debenture
holders containing the following information
(a) the debenture holder's name and
Written notice must be given to
the ASIC as to the location of
records if they are stored outside
the jurisdiction.
s 289(2)
Form 313 is the relevant form to
be lodged.
No time limit specified.
Registers must be kept at:
(a) the company's registered
office; or
(b) the company's principal place
of business in Queensland; or
(c) a place in Queensland
(whether of the company or of
someone else) where the work
involved in maintaining the
register is done; or
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However, the directors of the company prior to
deregistration must keep the company’s financial
records for 3 years following deregistration.
s 601AD(5)
Exception: The liquidator is required to keep the
financial records relevant to the affairs of the
company at or subsequent to the commencement
of proceedings.
REQUIREMENTS FOR COMPANIES LIMITED BY GUARANTEE UNDER THE CORPORATIONS ACT
TYPE OF RECORD
address;
(b) the amount of the debentures held.
Section 171.
Companies must keep a register of charges
containing the following information:
RETENTION
(years)
No time limit specified.
LOCATION
(d) another place in Queensland
approved by ASIC.
Section 172(1).
No specific location is given.
(a) if the charge is a charge created by the
company, the date of its creation or, if the
charge was a charge existing on property
acquired by the company, the date on
which the property was so acquired; and
(b) a short description of the liability (whether
present or prospective) secured by the
charge; and
(c) a short description of the property charged;
and
(d) the name of the trustee for debenture
holders or, if there is no such trustee, the
name of the chargee; and
(e) the name of the person whom the company
believes to be the holder of the charge.
Section 271(2).
Company must also keep:
(a) every document relating to a charge on
property of the company
(b) a copy of every document given to the
company.
Section 271(1).
Minutes
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DISPOSAL OF RECORDS ON WINDING-UP OR
CANCELLATION
REQUIREMENTS FOR COMPANIES LIMITED BY GUARANTEE UNDER THE CORPORATIONS ACT
TYPE OF RECORD
A company must keep minute books which
record:
(a) proceedings and resolutions of meetings
of the company's members; and
(b) proceedings and resolutions of directors'
meetings (including meetings of a committee
of directors); and
(c) resolutions passed by members without a
meeting; and
(d) resolutions passed by directors without a
meeting.
Section 251A(1).
RETENTION
(years)
No time limit specified.
LOCATION
A company must keep minutes at:
• its registered office; or
• its principal place of
business in Queensland;
or
• another
place
in
Queensland approved by
ASIC.
Section 251A(5).
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DISPOSAL OF RECORDS ON WINDING-UP OR
CANCELLATION
Requirements under Associations Incorporation Act 1981 (Qld) and Associations Incorporation
Regulation 1999 (Qld)
REQUIREMENTS UNDER QUEENSLAND ASSOCIATIONS INCORPORATION ACT AND REGULATIONS
TYPE OF RECORD
Financial
Financial records must be kept, including:
• a cash book;
• a receipt book;
• bank account records;
• a petty cash book.
Regulation 9(1)(a), (b), (c) and (f).
Minutes
Must keep minute book of the management committee:
Regulation 9(1)(g).
Minutes must include all questions, matters, resolutions and
other proceedings of each management committee meeting and
general meeting: Model Rules, clause 29(p).
RETENTION
(years)
At
least
7
Regulation 9(b) Schedule 5
years
LOCATION
DISPOSAL OF RECORDS
WINDING-UP
CANCELLATION
In Queensland.
Reg
9(a)
Schedule
5
On winding-up, as resolved by
special resolution, or, in the
absence of such a resolution, to the
public
trustee
Sections 89, 90, 92
Management
Committee
responsible
for
safety
Rule 34 - Model
Rules
Schedule 4
‘Financial records’ must be kept for 7
years: Schedule 5 s 9(b).
This term is not defined but as
expenditure must be recorded in the
minute book (Schedule 5, s 5(b)), the
minute book will probably be a ‘financial
record’. At the very least, so much of the
book which records expenditure will be a
‘financial record’.
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Again, ‘financial
records’ must be
kept
in
Queensland. See
discussion under
‘RETENTION’ as
to whether a
minute book is a
‘financial record’.
ON
OR
On cancellation of incorporation, to
the public trustee
Sections 93, 94
Reg. 14A (1)
As above
REQUIREMENTS UNDER QUEENSLAND ASSOCIATIONS INCORPORATION ACT AND REGULATIONS
TYPE OF RECORD
Registers
Must keep register of members and assets: Regulation 9(1)(d)
and (e).
RETENTION
(years)
LOCATION
DISPOSAL OF RECORDS
WINDING-UP
CANCELLATION
The register of assets will likely be a
‘financial record’ and thus must be kept
for 7 years.
In Queensland.
As above
No
location
specified.
As above
It is unlikely that a register of members
will be a ‘financial record’. As such, it is
unclear how long this must be kept for.
Other records which may be required
Chief executive may require association to keep a ledger and a
journal: Regulation 9(3).
No time specified.
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ON
OR
Requirements for collections under the Collections Act 1966 (Qld)
REQUIREMENTS FOR COLLECTIONS
TYPE OF RECORD
Appeals for support
The promoter of an appeal must keep a record of
(a) the purpose for which the appeal was made;
(b) the full name and address of the promoter and the promoter’s authority for acting
as promoter;
(c) an accurate statement showing full details, of all income and expenditure
associated with the appeal (in the approved form) and of the moneys and property
raised by or resulting from the appeal and of the disposal of all such moneys and
property;
(d) the audit report or a copy thereof, if such a report is received by the promoter, in
relation to the appeal for support
Collections Act 1966 (Qld) s 30.
In addition, the promoter of an appeal must retain:
Receipt books, receipts, cancelled cheques and correspondence about accounts
Collections Act 1966 (Qld) s 30(1)(e) and Collections Regulation 1998 (Qld) reg 31.
Financial records generally
A charity, association whose objects are a community purpose, or promoter of an appeal
must keep the following records:
(a) a cash book;
(b) a petty cash book;
(c) a register of receipt books;
Collections Regulation 1998 (Qld) reg 32(1)
In addition, the chief executive may also require the following records to be kept:
(a) a ledger;
(b) if tickets are sold—a register of bulk tickets;
(c) if collecting boxes are used—a register of collecting boxes;
(d) if devices are sold—a record of devices;
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RETENTION
(years)
LOCATION
Receipt
books,
receipts,
cancelled
cheques
and
correspondence
about
accounts must be kept for 6
years: Collections Regulation
1998 (Qld) reg 31(a).
In the custody of the promoter of the appeal:
Collections Act 1966 (Qld) s 30.
Correspondence other than
about accounts must be kept
for
1
year:
Collections
Regulation 1998 (Qld) reg
31(a).
No time is specified.
The Act does not specify where the records
must be kept.
REQUIREMENTS FOR COLLECTIONS
TYPE OF RECORD
RETENTION
(years)
(e) a register of assets.
Collections Regulation 1998 (Qld) reg 32(2)
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LOCATION