INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)
Note:
In addition to the obligations imposed on financial institutions in relation to farm management deposits under this Division, they are required to report information about such deposits to the Department of Primary Industries and Energy under section 264AA .
View history note
Hide history noteA financial institution must, before the end of 4 months after the end of a financial year in which it repays some or all of a farm management deposit, or within such further time as the Commissioner allows, give the Commissioner a report setting out:
(a) if the owner's tax file number was quoted in connection with the deposit - the tax file number; and
(b) if the owner's tax file number was not quoted in connection with the deposit - a statement to that effect; and
(c) in any case:
(i) the depositor's name and address (if known to the financial institution); and
(ii) the amount of the repayment; and
(iii) the amount of any deduction under section 221ZXB from the repayment; and
221ZXD(2) Form, etc of report.
(iv) any other information required by the Commissioner in relation to the repayment.
The report must be in a form authorised by the Commissioner and be signed on behalf of the financial institution.
221ZXD(3) Offence if failure to report.If a financial institution, other than the Commonwealth, a State or a Territory, contravenes this section, it is guilty of an offence punishable on conviction by a fine not exceeding 10 penalty units.
221ZXD(4) [Liability to late reconciliation statement penalty]A financial institution that fails to give the Commissioner the report, by the time by which it must be given to the Commissioner, 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 .
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