Commonwealth Consolidated Acts Commonwealth Consolidated ActsRecords to be kept by person who applies for payment
(1) A person who applies for an indemnity scheme payment, or a payment under regulations made for the purposes of section 27A (IBNR claims payments), 34AA (high cost claims payments), 34X (exceptional claims payments), 34ZN (run - off claims payments), 34ZZG (allied health high cost claims payments) or 34ZZZD (allied health exceptional claims payments), must keep records relevant to the following matters:
(a) the payability of the payment;
(b) the amount of the payment payable;
(c) any amount paid to the person that results in a person being liable to pay an amount under section 24, 34T, 34ZJ or 34ZZZ;
(d) any other matter specified in the rules.
Note: Failure to keep the records is an offence (see section 47).
Records to be kept by person who applies for a qualifying claim certificate or qualifying allied health claim certificate
(1A) A person who applies for the issue of a qualifying claim certificate or a qualifying allied health claim certificate in relation to a claim must keep records that are relevant to the following:
(a) matters related to whether the criteria specified in subsection 34E(1) or 34ZZK(1) are satisfied in relation to the claim;
(b) any other matter specified in the rules.
Note: Failure to keep the records is an offence (see section 47).
Records to be retained for certain period
(2) The records must be retained for a period of 5 years (or any other period specified in the rules) starting on the day on which the records were created.
Note: Failure to retain the records is an offence (see section 47).
Rules regarding additional matters
(3) Rules made for the purposes of paragraph (1)(d) or (1A)(b) must not commence earlier than 14 days after the day on which the rules are registered on the Federal Register of Legislation.