Record Keeping Time Frames To Be Shortened
The Prime Minister has listed in his budget speech on 17 Fenruary 2006 a number of Acts where the record keeping time frames are to be reduced. We will post the necessary updates as and when the relevant amendments are tabled and passed in Parliament.
The proposed changes are to reduce the record-keeping period in:
The proposed changes are to reduce the record-keeping period in:
- Section 199 of the Companies Act from 7 years from the point of transaction to 5 years from the end of the financial year.
- Section 25 of the Limited Liability Partnerships (LLP) Act from 7 years from the point of transaction to 5 years from the end of the financial year.
- Section 67 of the Income Tax Act from 7 to 5 years from the relevant year of assessment.
- Section 46 of the GST Act from 7 to 5 years from the end of the accounting period.
- Sections 12 and 13 of the Charities Act from 7 to 5 years from the end of the financial year of the charity.
- Section 90 of the Customs Act from 7 to 5 years (from the date of import or export of goods or, if the goods are manufactured locally, from the date of release of goods from Customs control).
- Section 75 of the Business Trusts Act from 7 to 5 years.
- Section 38(1)(c) of the Financial Advisers Act from 6 to 5 years.
- Section 16(2) of the Money-Changing and Remittance Businesses Act from 6 to 5 years.
- Sections 102(3) and 131(1)(c) and (2)(b) of the Securities and Futures Act from 6 to 5 years.
- Section 28(4) of the Trust Companies Act from 6 to 5 years.
- Regulation 16A(1)(c) of the Trade Union Regulations from 7 to 5 years.
- Section 48 of the Building Maintenance & Strata Management Act from 7 to 5 years.
- Regulation 13 of the Building Maintenance & Strata Management (Lift & Building) Regulations from 6 to 5 years.
- Regulation 10 of the Environmental Public Health (Crematoria) Regulations from 15 to 7 years.
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