Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
PART 5-25
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RECORD-KEEPING AND OTHER OBLIGATIONS RELATING TO TAXPAYERS
Division 396
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Third party reporting
Subdivision 396-B
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Information about transactions that could have tax consequences for taxpayers
Operative provisions
SECTION 396-60 INFORMATION REQUIRED
Transactions not involving market participants
396-60(1)
For the purposes of section 396-55 , the information required by the *approved form about a transaction (other than a transaction described in table item 5 in that section):
(a) must relate to:
(b) may relate to identifying the parties to the transaction; and
(c) for a transaction described in table item 3 in that section - may include the *tax file numbers of those parties to the transaction who have quoted their tax file numbers to the State or Territory concerned.
Transactions involving market participants
396-60(2)
For the purposes of section 396-55 , the information required by the *approved form about a transaction described in table item 5 in that section must relate to identifying the parties to the transaction.
Some reporting entities may request tax file numbers
396-60(3)
A State or Territory may request an entity to quote the entity ' s *tax file number to the State or Territory if:
(a) the tax file number is for a report by the State or Territory under section 396-55 about a transaction described in table item 3 in that section; and
(b) the entity is a party to the transaction.
View history note
Hide history noteNote: See section 3AA .
Chapter 5 - AdministrationSECTION 396-60 INFORMATION REQUIRED
Transactions not involving market participants
396-60(1)
For the purposes of section 396-55 , the information required by the *approved form about a transaction (other than a transaction described in table item 5 in that section):
(a) must relate to:
(i) the identification, collection or recovery of a possible *tax-related liability; or
of a party to the transaction (disregarding any exemption under a *taxation law that may apply to those parties); and
(ii) the identification of a possible reduction of a possible tax-related liability;
(b) may relate to identifying the parties to the transaction; and
(c) for a transaction described in table item 3 in that section - may include the *tax file numbers of those parties to the transaction who have quoted their tax file numbers to the State or Territory concerned.
Transactions involving market participants
396-60(2)
For the purposes of section 396-55 , the information required by the *approved form about a transaction described in table item 5 in that section must relate to identifying the parties to the transaction.
Some reporting entities may request tax file numbers
396-60(3)
A State or Territory may request an entity to quote the entity ' s *tax file number to the State or Territory if:
(a) the tax file number is for a report by the State or Territory under section 396-55 about a transaction described in table item 3 in that section; and
(b) the entity is a party to the transaction.
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