40 penalty units in any other case. Note Note to s. 54(1) Section 130A applies to an offence against this subsection. inserted by No. 13/2013 s. 46(2). (2) The Commissioner may recover from a person referred to in subsection (1) the costs reasonably incurred by the Commissioner in converting or translating a record into English— (a) in the Magistrates' Court irrespective of the amount; or (b) in any other court of competent jurisdiction. 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. 500 penalty units in the case of a body corporate; 100 penalty units in any other case. Note Note to s. 55(1) Section 130B applies to an offence against this subsection. inserted by No. 13/2013 s. 46(3). (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. (3) In this section the date of completion of the S. 55(3) inserted by in relation to a contribution transaction or act No. 23/2010 imposed under Part 9B of the Planning and s. 26.
40 penalty units in any other case. Note to s. 54(1) inserted by No. 13/2013 s. 46(2). Note Section 130A applies to an offence against this subsection. (2) The Commissioner may recover from a person referred to in subsection (1) the costs reasonably incurred by the Commissioner in converting or translating a record into English— (a) in the Magistrates' Court irrespective of the amount; or (b) in any other court of competent jurisdiction. 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. 500 penalty units in the case of a body corporate; 100 penalty units in any other case. Note to s. 55(1) inserted by No. 13/2013 s. 46(3). Note Section 130B applies to an offence against this subsection. (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. S. 55(3) inserted by No. 23/2010 s. 26. (3) In this section the date of completion of the transaction or act in relation to a contribution imposed under Part 9B of the Planning and
97-40a060.docx