Electronic record retention for tax purposes

The ATO has issued Taxation Ruling 2005/9. This Ruling explains the principles associated with the retention of electronic records created from business transactions including those carried out through the internet for the purposes of section 262A of Income Tax Assessment Act 1936. It replaces draft Taxation Ruling TR 2004/D23 discussed here.

It supplements Taxation Ruling TR 96/7 (Income tax: record keeping - section 262A - general principles) and Taxation Determination TD 2002/16 (Income tax: what are the obligations under the Income Tax Assessment Act 1936 where a business chooses to keep some of its records as encrypted information?) which should be read in conjunction with this Ruling.