INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART VI - COLLECTION AND RECOVERY OF TAX  

Division 1AA - Reportable payments system (RPS)  

Subdivision D - Payers' reporting and record-keeping obligations  

SECTION 220AJ   ANNUAL REPORT  

220AJ(1)   Requirements for annual report.  

A payer who makes one or more reportable payments during a financial year ending on or before 30 June 2000 must:

(a) send to the Commissioner a written report setting out, in respect of each payee:

(i) the payee's tax file number (if quoted to the payer); and

(ii) if the payee's tax file number was not quoted to the payer but the payee made a pensioner exemption declaration to the payer:

(A) a statement to that effect; and

(B) the type of pension or benefit specified in the pensioner exemption declaration form concerned; and

(iii) the payee's name (if known to the payer); and

(iv) the payee's address (if known to the payer); and

(v) the total amount of the reportable payments made by the payer to the payee during the financial year; and

(vi) the total amount (if any) deducted by the payer under this Division from those payments; and

(b) make a copy of the report.

Note:

Section 220AK deals with retention of the copies.

220AJ(2)   Time limit.  

A report under subsection (1) relating to a financial year must be given to the Commissioner within 2 months after the end of that financial year or before such later date as the Commissioner allows.

220AJ(3)   Form of report.  

The report must be in a form approved by the Commissioner.

220AJ(4)   Section not to apply to pre-1 December 1994 payments.  

This section does not apply to a reportable payment made before 1 December 1994.

Penalty: 20 penalty units.

220AJ(5)   [Liability to late reconciliation statement penalty]  

If the payer fails to give the Commissioner the report by the time by which it must be given to the Commissioner, the payer is liable to pay the late reconciliation statement penalty.

Note:

The late reconciliation statement penalty is worked out under Division 3 of Part IIA of the Taxation Administration Act 1953 .