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 396-70   EXEMPTIONS - 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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