Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
Verification of a supplier ' s identity applies to all later *Division 417 payments by the purchaser to the supplier unless there is a period of 2 years during which no *Division 417 payment is made by the purchaser to the supplier. If this occurs, the verification continues to apply to any purchases before 1 July first occurring after the end of the 2 year period. 417-20(2)
However, verification of a supplier ' s identity does not apply to a later *Division 417 payment if the purchaser has reasonable grounds to believe that the verified identity is not the supplier ' s true identity.
Note: See section 3AA .
Chapter 5 - Administration
PART 5-30
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PAYMENT, ABN AND IDENTIFICATION VERIFICATION SYSTEM
Division 417
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Verification of suppliers
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identities by purchasers
SECTION 417-20
VERIFICATION APPLIES TO LATER PAYMENTS
417-20(1)
Verification of a supplier ' s identity applies to all later *Division 417 payments by the purchaser to the supplier unless there is a period of 2 years during which no *Division 417 payment is made by the purchaser to the supplier. If this occurs, the verification continues to apply to any purchases before 1 July first occurring after the end of the 2 year period. 417-20(2)
However, verification of a supplier ' s identity does not apply to a later *Division 417 payment if the purchaser has reasonable grounds to believe that the verified identity is not the supplier ' s true identity.
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