TAXATION ADMINISTRATION ACT 1953

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

Note: See section 3AA .

Chapter 5 - Administration  

PART 5-1 - THE AUSTRALIAN TAXATION OFFICE  

Division 354 - Power to obtain information about rights or interests in property  

SECTION 354-5   POWER TO OBTAIN INFORMATION ABOUT RIGHTS OR INTERESTS IN PROPERTY  

354-5(1)  
The Commissioner may by notice in writing require you to give the Commissioner information required for the purpose of the administration or operation of a *taxation law if:


(a) both of the following apply:


(i) you have a legal or equitable interest in real or personal property;

(ii) the information is about any other *property right or interest in the property; or


(b) both of the following apply:


(i) the Commissioner is satisfied that you may have information about a property right or interest in property;

(ii) the information is about the property right or interest.
Note:

Failing to comply with a requirement may be an offence under section 8C .

354-5(2)  
A property right or interest is:


(a) a legal or equitable interest in the property; or


(b) a right, power or privilege in connection with the property;

whether present or future and whether vested or contingent.

Content of notice

354-5(3)  
The notice must specify the following:


(a) the property to which the notice applies;


(b) the information required;


(c) the period within which the information must be given;


(d) the manner of giving the information.

354-5(4)  
The information required may include the following:


(a) details of your interest in the property;


(b) details (including name and address) of any person who has a *property right or interest in the property;


(c) details of any class of person who has a property right or interest in the property;


(d) details of each property right or interest in the property, including:


(i) the nature and extent of the right or interest; and

(ii) the circumstances giving rise to the right or interest.

354-5(5)  
If:


(a) you are given a notice under paragraph (1)(a); and


(b) you do not have the information required but another person has the information;

you must make all reasonable efforts to obtain the information.

354-5(6)  
To avoid doubt, you may be required as a result of a notice under this section to create a document giving the information required.

354-5(7)  
The period specified in the notice must be:


(a) at least 14 days after the notice is given (except if paragraph (b) applies); or


(b) if the Commissioner is satisfied that a shorter period is necessary - the shorter period. Relationship with section 353-10

354-5(8)  
Nothing in this section affects the operation of section 353-10 and nothing in that section affects the operation of this section.


 

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