Taxation Administration Act 1953

PART III - PROSECUTIONS AND OFFENCES  

Note:

Subsection 2(2) specifies laws that are not taxation laws for the purposes of this Part.

Division 2 - Offences  

Subdivision BA - Offences relating to tax file numbers  

SECTION 8WC   CONDUCTING AFFAIRS SO AS TO AVOID TAX FILE NUMBER REQUIREMENTS  

8WC(1)    

Where:

(a) a person is an investor in relation to 2 or more investments of a similar kind; and

(b) having regard to:

(i) the manner in which the person became an investor in relation to the investments; and

(ii) any explanation made by the person as to becoming such an investor in that manner;

it would be reasonable to conclude that the person became such an investor in that manner for the sole or dominant purpose of ensuring, or attempting to ensure that:

(iii) although the person has not, under Part VA of the Income Tax Assessment Act 1936 , quoted the person ' s tax file number in connection with those investments (in this subparagraph called the non-TFN investments ):

(A) amounts would not be deducted under Division 3B of that Act, or withheld under section 12-140 or 12-145 in Schedule 1 to this Act, from income in respect of one or more of the non-TFN investments; and

(B) amounts would not be paid to the Commissioner under section 14-5 in Schedule 1 to this Act, in relation to income in respect of one or more of the non-TFN investments; and

(C) TFN withholding tax would not be payable under section 14-55 in Schedule 1 to this Act in respect of one or more of the non-TFN investments; or

(iv) the investments are not referred to in a report under the regulations made under that Act;

the person commits an offence.

Penalty: 100 penalty units or imprisonment for 2 years, or both.

8WC(2)    
In this section:

investment
means an investment of a kind mentioned in section 202D of the Income Tax Assessment Act 1936 ;

investor
means an investor within the meaning of that section.