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 398 - Miscellaneous reporting obligations  

Subdivision 398-A - Farm Management Deposit reporting  

SECTION 398-5   REPORTING TO AGRICULTURE DEPARTMENT  

FMD provider must provide monthly information

398-5(1)  


An *FMD provider must, before the 11th day after the end of a calendar month, give in writing to the *Agriculture Secretary the information specified in subsection (3) if the provider holds a *farm management deposit at the end of that month.

Penalty: 10 penalty units.

398-5(2)  
An offence under subsection (1) is an offence of strict liability.

Note:

For strict liability, see section 6.1 of the Criminal Code .

Information required

398-5(3)  
The information is:


(a) the number of *farm management deposits held at the end of that month; and


(b) the number of depositors in respect of such deposits at the end of that month; and


(c) the sum of the balances of such deposits at the end of that month; and


(d) any other information, in relation to farm management deposits held by the *FMD provider at any time in that month, that is required by the regulations for the purposes of this section.

Regulations not to require identity of depositor

398-5(4)  
Regulations made for the purposes of paragraph (3)(d) must not require information:


(a) that discloses the identity of a depositor; or


(b) from which the identity of a depositor could reasonably be inferred.




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