AGL9650 | Unjust enrichment: Records to be kept

There is clearly a need for claimants to keep records so that we can check that the money has been refunded and that it has been returned to the right customers. Regulation 24 requires businesses to keep records of any refunds made. However, the records to be kept are basic and only what we would expect any business to keep in the circumstances. If the claimant’s existing records are able to show when a refund has been made, no other records need be kept. The important point is ensuring that there is a clear audit trail we can follow and check.

It is appreciated that the amount of money refunded to customers might not always equal the amount of tax, for example, because the amount was apportioned. As far as the amount of interest is concerned, we would in practice wish claimants to note the rate(s) of interest used.