Treasury Laws Amendment (Responsible Buy Now Pay Later and Other Measures) Act 2024 (138 of 2024)

Schedule 1   Build to rent developments

Taxation Administration Act 1953

20   At the end of section 16-150 in Schedule 1

Add:

(4) If:

(a) an entity must pay an amount (even if it is a nil amount) to the Commissioner under subsection 16-70(1) (about amounts withheld under Division 12); and

(b) subsection 12-450(5) (about income from a build to rent development) applies to the amount;

the entity must notify the Commissioner of the amount:

(c) on or before the day provided in a determination under subsection (5) of this section; or

(d) if there is no such determination - on or before the day on which the amount is due to be paid (regardless of whether it is paid).

The notification must be in the *approved form and lodged with the Commissioner.

(5) The Commissioner may, by legislative instrument, determine when the Commissioner must be notified for the purposes of paragraph (4)(c).