Draft Taxation Ruling TR 2004/D23 was released on 8 December 2004 for public comment by 21 January 2005.

The draft 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 s 262A of ITAA 1936. It sets out the ATO view on what are sufficient electronic records to be retained including those created by internet electronic commerce so as to record and explain all transactions and other acts engaged in by such persons for the purposes of the ITAA 1936. The draft Ruling also explains the ATO view on access under s 263 of the ITAA 1936 to electronic records including those created from electronic commerce.

As a result of the release of TR 2004/D23, Taxation Ruling TR97/21 is withdrawn with effect from 8 December 2004. The Notice of Withdrawal states that Taxation Ruling TR 97/21 does not deal with the retention of electronic records created from business transactions carried out through the Internet or through the use of Smartcards.