Foundations of Taxation Law

This chapter discusses a range of miscellaneous matters relating to the administration of the tax system. In particular, it focuses on the special rules relating to record-keeping, activity statements, single touch payroll reporting, running balance accounts, taxable payments reporting and the recovery of tax. It also examines the special interest payment regimes that exist under the tax system. The tax laws contain important rules requiring taxpayers to retain written records about their tax affairs. Records in English (or that are readily convertible into English) must be kept for specified periods of time (typically five years) so that the ATO has the opportunity to inspect those records if it conducts an audit. Taxpayers that fail to properly keep records may be subject to administrative penalties or may be guilty of committing tax offences.