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 396-65   EXEMPTIONS - WHOLESALE CLIENTS  

396-65(1)  
An entity is not required to include, in a report under section 396-55 , information about a transaction described in table item 5, 6 or 7 in that section to the extent that the information relates to a party to the transaction:


(a) who is not an individual; and


(b) who, under the transaction, is being provided with:


(i) a financial product (within the meaning of Chapter 7 of the Corporations Act 2001 ); or

(ii) a financial service (within the meaning of that Chapter);

as a wholesale client (within the meaning of that Chapter).

Note:

This exemption does not apply to information relating to any other party to the transaction, such as the party providing the product or service.

396-65(2)  
An entity is not required to include, in a report under section 396-55 , information about a transaction described in table item 8 in that section to the extent that the information relates to a beneficiary mentioned in that item:


(a) who is not an individual; and


(b) who, under the transaction, is being provided with:


(i) a financial product (within the meaning of Chapter 7 of the Corporations Act 2001 ); or

(ii) a financial service (within the meaning of that Chapter);

as a wholesale client (within the meaning of that Chapter).

Note:

This exemption does not apply to information relating to any other party to the transaction, such as the party providing the product or service.




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