Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
The Commissioner may, in writing, notify an entity that it:
(a) is not required to prepare and give reports under section 396-55 ; or
(b) is not required to do so for specified classes of transactions. 396-70(2)
An entity dissatisfied with a decision to:
(a) give it a notice under subsection (1); or
(b) not give it a notice under subsection (1);
A notice under subsection (1) is not a legislative instrument. General exemptions 396-70(4)
The Commissioner may, by legislative instrument, determine that specified classes of entities:
(a) are not required to prepare and give reports under section 396-55 ; or
(b) are not required to do so for specified classes of transactions.
Note: See section 3AA .
Chapter 5 - Administration
PART 5-25
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RECORD-KEEPING AND OTHER OBLIGATIONS RELATING TO TAXPAYERS
Division 396
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Third party reporting
Subdivision 396-B
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Information about transactions that could have tax consequences for taxpayers
Operative provisions
SECTION 396-70
EXEMPTIONS
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OTHER CASES
Exemptions for particular entities
396-70(1)
The Commissioner may, in writing, notify an entity that it:
(a) is not required to prepare and give reports under section 396-55 ; or
(b) is not required to do so for specified classes of transactions. 396-70(2)
An entity dissatisfied with a decision to:
(a) give it a notice under subsection (1); or
(b) not give it a notice under subsection (1);
may object against the decision in the manner set out in Part IVC .
396-70(3)A notice under subsection (1) is not a legislative instrument. General exemptions 396-70(4)
The Commissioner may, by legislative instrument, determine that specified classes of entities:
(a) are not required to prepare and give reports under section 396-55 ; or
(b) are not required to do so for specified classes of transactions.
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