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 396 - Third party reporting  

Subdivision 396-B - Information about transactions that could have tax consequences for taxpayers  

Operative provisions

SECTION 396-60   INFORMATION REQUIRED  

Transactions not involving market participants

396-60(1)  
For the purposes of section 396-55 , the information required by the *approved form about a transaction (other than a transaction described in table item 5 in that section):


(a) must relate to:


(i) the identification, collection or recovery of a possible *tax-related liability; or

(ii) the identification of a possible reduction of a possible tax-related liability;
of a party to the transaction (disregarding any exemption under a *taxation law that may apply to those parties); and


(b) may relate to identifying the parties to the transaction; and


(c) for a transaction described in table item 3 in that section - may include the *tax file numbers of those parties to the transaction who have quoted their tax file numbers to the State or Territory concerned.

Transactions involving market participants

396-60(2)  
For the purposes of section 396-55 , the information required by the *approved form about a transaction described in table item 5 in that section must relate to identifying the parties to the transaction. Some reporting entities may request tax file numbers

396-60(3)  
A State or Territory may request an entity to quote the entity ' s *tax file number to the State or Territory if:


(a) the tax file number is for a report by the State or Territory under section 396-55 about a transaction described in table item 3 in that section; and


(b) the entity is a party to the transaction.




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