TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 5 - Administration  

PART 5-30 - PAYMENT, ABN AND IDENTIFICATION VERIFICATION SYSTEM  

Division 400 - Guide to Part 5-30  

SECTION 400-5   THE PAYMENT, ABN AND IDENTIFICATION VERIFICATION SYSTEM  

400-5(1)  
There are 4 components in the payment, ABN and identification verification system:


(a) transaction reporting by purchasers (Division 405 );


(b) transaction reporting by suppliers (Division 410 );


(c) verification of suppliers ' *ABNs by purchasers (Division 415 );


(d) verification of suppliers ' identities by purchasers (Division 417 ).

One or more of the components may apply to a particular payment. The regulations will specify which components apply.

400-5(2)  
Where a component of the system applies to a payment, the requirements of that component must be complied with.




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