Treasury Laws Amendment (2018 Measures No. 4) Act 2019 (8 of 2019)

Schedule 8   Miscellaneous amendments

Part 6   Various amendments

Taxation Administration Act 1953

62   Section 396-65 in Schedule 1

Repeal the section, substitute:

396-65 Exemptions - wholesale clients

(1) An entity is not required to include, in a report under section 396-55, information about a transaction described in table item 5, 6 or 7 in that section to the extent that the information relates to a party to the transaction:

(a) who is not an individual; and

(b) who, under the transaction, is being provided with:

(i) a financial product (within the meaning of Chapter 7 of the Corporations Act 2001); or

(ii) a financial service (within the meaning of that Chapter);

as a wholesale client (within the meaning of that Chapter).

Note: This exemption does not apply to information relating to any other party to the transaction, such as the party providing the product or service.

(2) An entity is not required to include, in a report under section 396-55, information about a transaction described in table item 8 in that section to the extent that the information relates to a beneficiary mentioned in that item:

(a) who is not an individual; and

(b) who, under the transaction, is being provided with:

(i) a financial product (within the meaning of Chapter 7 of the Corporations Act 2001); or

(ii) a financial service (within the meaning of that Chapter);

as a wholesale client (within the meaning of that Chapter).

Note: This exemption does not apply to information relating to any other party to the transaction, such as the party providing the product or service.