TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 5 - Administration  

PART 5-25 - RECORD-KEEPING AND OTHER OBLIGATIONS RELATING TO TAXPAYERS  

Division 396 - Third party reporting  

Subdivision 396-B - Information about transactions that could have tax consequences for taxpayers  

Operative provisions

SECTION 396-55   396-55   REPORTING TAX-RELATED INFORMATION ABOUT TRANSACTIONS TO THE COMMISSIONER  


An entity mentioned in column 1 of an item of this table must:


(a) prepare a report in the *approved form setting out information about any transactions described in that item that happened during this period:


(i) a *financial year; or

(ii) such other period as the Commissioner specifies by legislative instrument for that item; and


(b) give the report to the Commissioner on or before:


(i) the 31st day after the end of that period; or

(ii) such other time after the end of that period as the Commissioner specifies by legislative instrument for that item;

unless section 396-65 , or a notice or determination under section 396-70 , provides that the entity is not required to do so.


Information to be reported by third parties about transactions
Column 1 Column 2
Item This entity: must report information about this transaction:
1 a government related entity (within the meaning of the *GST Act), other than a *local governing body the provision of a grant by the entity to an entity that has an *ABN
2 a government related entity (within the meaning of the *GST Act) the provision of consideration (within the meaning of the *GST Act):
(a) by the entity to an entity; and
(b) wholly or partly for a *supply of services;
unless the supply of services is merely incidental to a supply of goods (within the meaning of the GST Act)
3 a State or Territory the transfer of a freehold or leasehold interest in real property situated in the State or Territory
4 *ASIC a transaction about which data has been delivered to *ASIC under the *market integrity rules
5 a participant (within the meaning of Chapter 7 of the Corporations Act 2001 ) in an *Australian financial market a transaction, involving the participant, that:
(a) results in a change to the type, name or number of *shares in a company, or units in a unit trust, that are held by another entity; and
(b) is a transaction about which data is required to be delivered to *ASIC under the *market integrity rules
6 a company whose *shares are listed for quotation in the official list of an *Australian financial market a transaction that:
(a) results in a change to the type, name or number of *shares in the company that are held by an entity; and
(b) is not a transaction about which data is required to be delivered to *ASIC under the *market integrity rules
7 the trustee of a unit trust a transaction that:
(a) results in a change to the type, name or number of units in the unit trust that are held by an entity; and
(b) is not a transaction about which data is required to be delivered to *ASIC under the *market integrity rules
8 the trustee of a trust (other than a unit trust) a transaction that results in a change to the type, name or number of any *shares in a company, or units in a unit trust:
(a) that are held as assets of the trust; and
(b) to which one or more entities are absolutely entitled as beneficiaries of the trust;
unless the trustee gives the Commissioner an *income tax return for the income year in which the transaction was entered into
9 an administrator of a payment system (within the meaning of the Payment Systems (Regulation) Act 1998 ) a transaction involving an electronic payment if:
(a) the transaction is facilitated by the payment system on behalf of an entity; and
(b) the administrator reasonably believes that the transaction:
(i) provides a payment to the entity, or provides a refund or cash to a customer of the entity; and
(ii) is for the purposes of a *business carried on by the entity
9A an *eligible community housing provider the issuing by the provider of a certificate under section 980-15 of the Income Tax Assessment Act 1997
10 a company the issuing by the company of a *share that could give rise to an entitlement to a *tax offset (or a modified CGT treatment) under Subdivision 360-A of the Income Tax Assessment Act 1997
11 an entity that makes a *supply of a cleaning service and has an *ABN the provision of consideration (within the meaning of the *GST Act) by the entity to another entity wholly or partly for the *supply by the other entity of a cleaning service, unless:
(a) the entities are *members of the same *consolidated group or *MEC group; or
(b) Division 12 requires that an amount be withheld from the payment of the consideration
12 an entity that makes a *supply of a courier service or a road freight service and has an *ABN the provision of consideration (within the meaning of the *GST Act) by the entity to another entity wholly or partly for the *supply by the other entity of a courier service or a road freight service, unless:
(a) the entities are *members of the same *consolidated group or *MEC group; or
(b) Division 12 requires that an amount be withheld from the payment of the consideration
13 an entity that makes a *supply of a security, investigation or surveillance service and has an *ABN the provision of consideration (within the meaning of the *GST Act) by the entity to another entity wholly or partly for the *supply by the other entity of a security, investigation or surveillance service, unless:
(a) the entities are *members of the same *consolidated group or *MEC group; or
(b) Division 12 requires that an amount be withheld from the payment of the consideration
14 an entity that makes a *supply of an information technology service and has an *ABN the provision of consideration (within the meaning of the *GST Act) by the entity to another entity wholly or partly for the *supply by the other entity of an information technology service, unless:
(a) the entities are *members of the same *consolidated group or *MEC group; or
(b) Division 12 requires that an amount be withheld from the payment of the consideration

Note:

An administrative penalty applies to a failure to give the report by that time (see subsection 286-75(1) ). An administrative penalty applies for any false statements in the report (see section 284-75 ).




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