Treasury Legislation Amendment (Repeal Day) Act 2015 (2 of 2015)

Schedule 2   Consolidation and repeal of tax provisions

Part 2   Reports by investment bodies

Taxation Administration Act 1953

72   After Division 392

Insert:

Division 393 - Reports by investment bodies

Guide to Division 393

393-1 What this Division is about

An investment body must give to the Commissioner quarterly reports about the quoting of investors’ tax file numbers and ABNs, and annual reports on Part VA investments.

Table of sections

393-5 Reports about quoting tax file numbers and ABNs

393-10 Annual investment income reports

393-15 Errors in reports

393-5 Reports about quoting tax file numbers and ABNs

(1) If an entity is an *investment body in relation to a *Part VA investment for which either of the following occurs during a *quarter:

(a) an *investor’s *tax file number is *quoted in connection with the investment;

(b) an investor’s *ABN is quoted in connection with the investment;

the entity must give to the Commissioner a report on all Part VA investments, in relation to which the entity is an investment body, for which either of those events occurs during the quarter.

(2) The report must be in the *approved form.

(3) The report must be given to the Commissioner no later than 28 days after the end of the *quarter.

Note: Section 388-55 allows the Commissioner to defer the time for giving an approved form.

(4) Subsection (1) does not apply to an *investment body in relation to a *quarter for which the investment body has complied with an *arrangement in force between the investment body and the Commissioner relating to the reporting of *tax file numbers and *ABNs.

393-10 Annual investment income reports

(1) An entity must give to the Commissioner a report, for a *financial year, on all *Part VA investments in relation to which it was an *investment body at any time during the year.

(2) The report must be in the *approved form.

(3) The report must be given to the Commissioner within the following period after the end of the *financial year:

(a) the period the Commissioner specifies by legislative instrument; or

(b) otherwise - 4 months.

Note: Section 388-55 allows the Commissioner to defer the time for giving an approved form.

(4) The report need not include particulars of an investment for which the return during the *financial year was less than $1.

(5) Despite subsection (1), the entity need not give to the Commissioner a report, for a *financial year during which the total number of *Part VA investments in relation to which it was an *investment body is less than:

(a) the number the Commissioner specifies by legislative instrument; or

(b) otherwise - 10.

(6) Subsection (1) does not apply to an *investment body in relation to a *financial year for which the investment body has complied with an *arrangement in force between the investment body and the Commissioner relating to the reporting on *Part VA investments.

393-15 Errors in reports

(1) An entity must give to the Commissioner a corrected report if:

(a) the entity has given a report to the Commissioner under this Division; and

(b) after giving the report, the entity becomes aware of a material error in it.

(2) The report must be in the *approved form.

(3) The report must be given to the Commissioner no later than 28 days after the entity becomes aware of the error.

Note: Section 388-55 allows the Commissioner to defer the time for giving an approved form.