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 405 - Transaction reporting by purchasers  

SECTION 405-10   REPORTING REQUIREMENTS  

405-10(1)  
Any entity (the purchaser ) that makes, or is liable to make, a *Division 405 payment during a *quarter must give a *Division 405 report to the Commissioner within 21 days after the end of the quarter.

405-10(2)  
A Division 405 report is a written statement in the *approved form that names the purchaser and, for each supplier in relation to whom the purchaser made, or was liable to make, a *Division 405 payment during the *quarter:


(a) names the supplier; and


(b) specifies the supplier ' s *ABN (if known by the purchaser); and


(c) specifies the total of the Division 405 payments that the purchaser made, or was liable to make, to the supplier during the quarter that:


(i) were notified in an invoice during the quarter (unless the payment was reported in an earlier Division 405 report); or

(ii) were made during the quarter but for which no invoice had been received before the end of the quarter.

The report must also include any other information that the Commissioner requires.

405-10(3)  
The Commissioner may, in writing, require particular information to be included in a *Division 405 report or a class of Division 405 reports.

405-10(4)  
The Commissioner may, by written notice, vary any requirements under subsection (1), (2) or (3) in relation to a purchaser or class of purchaser. The Commissioner may do so in such instances and to such extent as the Commissioner thinks fit.


 

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