Taxation Administration Act 1953

Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).

Ch 5 title inserted by No 73 of 2006 , s 3 and Sch 5 item 44, effective 1 July 2006.

Pt 5-25 heading substituted by No 162 of 2015, s 3 and Sch 4 item 16, effective 30 November 2015. The heading formerly read:

PART 5-25 - RECORD-KEEPING AND OTHER OBLIGATIONS OF TAXPAYERS

Pt 5-25 inserted by No 91 of 2000.

Div 396 heading substituted by No 162 of 2015, s 3 and Sch 4 item 17, effective 30 November 2015. The heading formerly read:

Division 396 - FATCA

Div 396 inserted by No 67 of 2014, s 3 and Sch 1 item 2, effective 30 June 2014. No 67 of 2014, s 3 and Sch 1 item 3 contains the following application provision:

3 Application  
Application rules

(1)
Subject to subitem (2), the amendments made by this Schedule apply in relation to a U.S. Reportable Account that is maintained by a Reporting Australian Financial Institution on or after 1 July 2014.

(2)
The following provisions apply in relation to a payment that is made by a Reporting Australian Financial Institution on or after 1 July 2014:

(a) section 396-10 in Schedule 1 to the Taxation Administration Act 1953 (as inserted by this Schedule);

(b) any other provision inserted in that Schedule by this Schedule, to the extent that the provision relates to the section mentioned in paragraph (a).

Permissions and elections

(3)
For the purpose of subitems (1) and (2), subsections 396-20(2) and (3) in Schedule 1 to the Taxation Administration Act 1953 (as inserted by this Schedule) apply in determining the meaning of a term used in those subitems.

Subdiv 396-B inserted by No 162 of 2015, s 3 and Sch 4 item 1, effective 30 November 2015. No 162 of 2015, s 3 and Sch 4 item 27 contains the following application provision:

27 Application of amendments  
27(1)
Subdivision 396-B in Schedule 1 to the Taxation Administration Act 1953 applies in relation to transactions entered into on or after:

(a) if table item 3 or 4 in section 396-55 in that Schedule describes the transaction - 1 July 2016; or

(b) otherwise - 1 July 2017.

27(2)
However, subparagraphs 396-55(a)(ii) and (b)(ii) in Schedule 1 to the Taxation Administration Act 1953 apply in relation to transactions entered into on or after:

(a) if table item 3 or 4 in section 396-55 in that Schedule describes the transaction - 1 July 2016; or

(b) otherwise - 1 July 2020.

S 396-60(1) amended by No 54 of 2016, s 3 and Sch 1 item 18, by substituting para (a), applicable in relation to equity interests issued on or after 1 July 2016. Para (a) formerly read:

(a) must relate to the identification, collection or recovery of a possible *tax-related liability of a party to the transaction (disregarding any exemption under a *taxation law that may apply to those parties); and

S 396-60 inserted by No 162 of 2015, s 3 and Sch 4 item 1, effective 30 November 2015. For application provision, see note under Subdiv 396-B heading.