Foreign Acquisitions and Takeovers Legislation Amendment Act 2015 (150 of 2015)
Schedule 4 Amendments of confidentiality provisions
Taxation Administration Act 1953
3 After Division 353 in Schedule 1
Division 354 - Power to obtain information about rights or interests in property
354-5 Power to obtain information about rights or interests in property
(1) The Commissioner may by notice in writing require you to give the Commissioner information required for the purpose of the administration or operation of a *taxation law if:
(a) both of the following apply:
(i) you have a legal or equitable interest in real or personal property;
(ii) the information is about any other *property right or interest in the property; or
(b) both of the following apply:
(i) the Commissioner is satisfied that you may have information about a property right or interest in property;
(ii) the information is about the property right or interest.
Note: Failing to comply with a requirement may be an offence under section 8C.
(2) A property right or interest is:
(a) a legal or equitable interest in the property; or
(b) a right, power or privilege in connection with the property;
whether present or future and whether vested or contingent.
Content of notice
(3) The notice must specify the following:
(a) the property to which the notice applies;
(b) the information required;
(c) the period within which the information must be given;
(d) the manner of giving the information.
(4) The information required may include the following:
(a) details of your interest in the property;
(b) details (including name and address) of any person who has a *property right or interest in the property;
(c) details of any class of person who has a property right or interest in the property;
(d) details of each property right or interest in the property, including:
(i) the nature and extent of the right or interest; and
(ii) the circumstances giving rise to the right or interest.
(a) you are given a notice under paragraph (1)(a); and
(b) you do not have the information required but another person has the information;
you must make all reasonable efforts to obtain the information.
(6) To avoid doubt, you may be required as a result of a notice under this section to create a document giving the information required.
(7) The period specified in the notice must be:
(a) at least 14 days after the notice is given (except if paragraph (b) applies); or
(b) if the Commissioner is satisfied that a shorter period is necessary - the shorter period.
Relationship with section 353-10
(8) Nothing in this section affects the operation of section 353-10 and nothing in that section affects the operation of this section.