A New Tax System (Tax Administration) Act 1999 (179 of 1999)

Schedule 5   TFN declarations and certain annual reports

Part 1   Amendments

Taxation Administration Act 1953

69   After section 16-150 in Schedule 1

Insert:

16-153 Annual reports about withholding payments and reportable fringe benefits

(1) An entity must give a report to the Commissioner in the *approved form, not later than 31 October after the end of a *financial year, if during the financial year:

(a) the entity made any payment from which an amount was required to be withheld under section 12-190, Subdivision 12-F (other than section 12-215, 12-250 or 12-285) or Subdivision 12-G; or

(b) the entity provided any *non-cash benefit in respect of which an amount was required to be paid to the Commissioner under Division 14 because of the application of that Division in relation to section 12-190, Subdivision 12-F (other than section 12-215, 12-250 or 12-285) or Subdivision 12-G; or

(c) the entity received any payment from which an amount was required to be withheld under section 12-215, 12-250 or 12-285; or

(d) the entity received any non-cash benefit in respect of which an amount was required to be paid to the Commissioner under Division 14 because of the application of that Division in relation to section 12-215, 12-250 or 12-285.

(2) An entity must give a report to the Commissioner in the form required by subsection (3), not later than 14 August after the end of a *financial year, if during the financial year:

(a) the entity made any payment from which an amount was required to be withheld under Subdivision 12-B, 12-C or 12-D; or

(b) the entity provided any *non-cash benefit in respect of which an amount was required to be paid to the Commissioner under Division 14 because of the application of that Division in relation to Subdivision 12-B, 12-C or 12-D; or

(c) any person has a *reportable fringe benefit amount for the income year ending at the end of the financial year in respect of the person's employment by the entity.

(3) The report under subsection (2) must be either:

(a) a report in the *approved form; or

(b) a report consisting of:

(i) copies of all the summaries that the entity gave in relation to the *financial year under section 16-155 in respect of payments, *non-cash benefits and *reportable fringe-benefit amounts covered by subsection (2) of this section; and

(ii) an accompanying statement in the approved form.

(4) An entity that fails to comply with subsection (1) or (2) is liable to pay to the Commissioner a penalty of 10 penalty units.

Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.

Note 2: Division 298 contains machinery provisions relating to civil penalties.

(5) In applying this section:

(a) a requirement to pay a nil amount to the Commissioner is to be treated as a requirement to pay an amount to the Commissioner; and

(b) a requirement to withhold a nil amount is to be treated as a requirement to withhold an amount.

(6) The Commissioner may, to meet the special circumstances of a particular case or class of cases, vary the requirements of this section.

(7) A variation must be made by a written notice:

(a) if it applies to a particular entity - that is given to that entity; or

(b) if it applies to a class of entities - that is given to each of the entities, or a copy of which is published in the Gazette.