Notice 3
Commonwealth of Australia Gazette (No. GN 30, 1 August 2001)
Pay As You Go (PAYG) Withholding
Notice of exemption from requirement to give a payment summary for passbook accounts
I, Murray Boyd Crowe, Assistant Commissioner of Taxation, pursuant to section 16-180 of Schedule 1 to the Taxation Administration Act 1953 do hereby exempt entities from the requirement to issue a payment summary under section 16-155 of Schedule 1 to the Taxation Administration Act 1953, in respect of a Division 12-E (Payments where TFN or ABN not quoted) or 12-F (Dividend, interest and royalty payments) withholding amount made on a passbook savings account, unless specifically requested by the recipient/payee.
Payers are therefore not required to provide passbook savings account holders with a payment summary where they have withheld amounts from payments in accordance with Division 12-E and 12-F, unless specifically requested to do so.
Effective for payment summaries required to be issued for the years ending 30 June 2001 and 30 June 2002
This exemption applies to payment summaries required to be issued for the 2000/01 and 2001/02 financial years.
Signed at Canberra, this 26th day of July 2001.
Murray Crowe
Assistant Commissioner of Taxation