Income tax: record keeping - electronic records

Taxation Ruling TR 97/21 explains to persons carrying on a business the principles associated with the retention of electronic records for the purposes of section 262A of the Income Tax Assessment Act 1936.

The Ruling does not deal with the retention of electronic records created from business transactions carried out through the Internet or through the use of Smartcards.

Draft Taxation Ruling TR 2004/D23 issues today and provides guidance on a business taxpayer's electronic record keeping obligations (including those created by electronic commerce), the Tax Office's rights of access to those records and the effect of the Electronic Transaction Act 1999 on the record keeping requirements.