Tax Laws Amendment (Transfer of Provisions) Act 2010 (79 of 2010)

Schedule 4   Farm management deposits

Part 1   Main amendments

Taxation Administration Act 1953

7   At the end of Part 5-25 in Schedule 1

Add:

Division 398 - Miscellaneous reporting obligations

Table of Subdivisions

Guide to Division 398

398-A Farm Management Deposit reporting

Guide to Division 398

398-1 What this Division is about

This Division contains reporting obligations not covered by other Divisions of this Part.

Subdivision 398-A - Farm Management Deposit reporting

Table of sections

398-5 Reporting to Agriculture Department

398-5 Reporting to Agriculture Department

FMD provider must provide quarterly information

(1) An*FMD provider must, within 60 days after the end of a*quarter, 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 any month in the quarter.

Penalty: 10 penalty units.

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

Note: For strict liability, see section 6.1 of theCriminal Code.

Information required

(3) The information is:

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

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

(c) the sum of the balances of such deposits at the end of each month in the quarter; and

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

Regulations not to require identity of depositor

(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.