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Taxation Administration Act 1953

Authoritative Version
  • - C2022C00132
  • In force - Superseded Version
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Act No. 1 of 1953 as amended, taking into account amendments up to Treasury Laws Amendment (Laminaria and Corallina Decommissioning Cost Recovery Levy) Act 2022
An Act to provide for the administration of certain Acts relating to Taxation, and for other purposes
Administered by: Treasury
General Comments: Section 355-25 of Schedule 1 of this Act has been modified by the operation of the Commissioner’s Remedial Power, click here to see the modification.
Registered 13 Apr 2022
Start Date 01 Apr 2022
End Date 01 Apr 2022
Table of contents.

Commonwealth Coat of Arms of Australia

Taxation Administration Act 1953

No. 1, 1953

Compilation No. 190

Compilation date:                              1 April 2022

Includes amendments up to:            Act No. 24, 2022

Registered:                                         13 April 2022

This compilation is in 3 volumes

Volume 1:       sections 1–18

                        Schedule 1 (sections 6‑1 to 97‑35)

Volume 2:       Schedule 1 (sections 105‑1 to 990‑5)

Volume 3:       Endnotes

Each volume has its own contents

This compilation includes commenced amendments made by Act No. 111, 2021, Act No. 8, 2022 and Act No. 14, 2022. Amendments made by Act No. 24, 2022 have not commenced but are noted in the endnotes.

About this compilation

This compilation

This is a compilation of the Taxation Administration Act 1953 that shows the text of the law as amended and in force on 1 April 2022 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

  

  

  


Contents

Schedule 1—Collection and recovery of income tax and other liabilities               1

Chapter 3—Collection, recovery and administration of other taxes      1

Part 3‑10—Indirect taxes                                                                                           1

Division 105—General rules for indirect taxes                                                  1

Guide to Division 105                                                                                                1

105‑1..................... What this Division is about................................................. 1

Subdivision 105‑D—General interest charge and penalties                            2

105‑80................... General interest charge........................................................ 2

105‑85................... Amending Acts cannot impose penalties or general interest charge earlier than 28 days after Royal Assent............................................................................................ 3

Subdivision 105‑F—Indirect tax refund schemes                                              3

105‑120................. Refund scheme—defence related international obligations. 3

105‑125................. Refund scheme—international obligations.......................... 4

Subdivision 105‑G—Other administrative provisions                                     5

105‑145................. Commissioner must give things in writing......................... 5

Division 110—Goods and services tax                                                                  6

Guide to Division 110                                                                                                6

110‑1..................... What this Division is about................................................. 6

Subdivision 110‑F—Review of GST decisions                                                    6

110‑50................... Reviewable GST decisions................................................. 6

Division 111—Wine tax and luxury car tax                                                      11

Guide to Division 111                                                                                              11

111‑1..................... What this Division is about............................................... 11

Subdivision 111‑C—Review of wine tax decisions                                           11

111‑50................... Reviewable wine tax decisions......................................... 11

Subdivision 111‑D—Effect on contracts from amendments to laws           12

111‑60................... Alteration of contracts if cost of complying with agreement is affected by later alteration to wine tax or luxury car tax laws....................................................................... 12

Division 112—Fuel tax                                                                                           14

Guide to Division 112                                                                                              14

112‑1..................... What this Division is about............................................... 14

Subdivision 112‑E—Review of fuel tax decisions                                            14

112‑50................... Reviewable fuel tax decisions........................................... 14

Part 3‑15—Major bank levy                                                                                  16

Division 115General provisions relating to the major bank levy           16

115‑1..................... What this Division is about............................................... 16

115‑5..................... Returns............................................................................. 16

115‑10................... When major bank levy is due and payable........................ 17

Division 117—Anti‑avoidance                                                                              18

Guide to Division 117                                                                                              18

117‑1..................... What this Division is about............................................... 18

Subdivision 117‑A—Application of this Division                                             18

117‑5..................... Object of this Division...................................................... 18

117‑10................... Application of this Division.............................................. 19

117‑15................... Meaning of MBL benefit................................................... 19

117‑20................... Matters to be considered in determining purpose.............. 20

Subdivision 117‑B—Commissioner may negate effects of schemes for MBL benefits                20

117‑25................... Commissioner may negate entity’s MBL benefits............ 21

117‑30................... Determination has effect according to its terms................. 21

117‑35................... Commissioner may disregard scheme in making determinations             21

117‑40................... One determination may cover several quarters etc............ 22

117‑45................... Commissioner must give copy of determination to entity affected           22

117‑50................... Objections......................................................................... 22

Part 3‑20—Superannuation                                                                                    23

Division 131—Releasing money from superannuation                                  23

Subdivision 131‑A—Releasing money from superannuation                       23

Guide to Subdivision 131‑A                                                                                   23

131‑1..................... What this Subdivision is about......................................... 23

Requesting a release authority                                                                              24

131‑5..................... Requesting the release of amounts from superannuation interests            24

131‑10................... Restrictions on the total amount you can request to be released               26

Issuing a release authority to superannuation provider                                27

131‑15................... Issuing release authorities................................................. 27

131‑20................... Amount to be stated in a release authority......................... 28

131‑25................... Contents of a release authority.......................................... 29

131‑30................... Varying and revoking a release authority.......................... 29

Complying with a release authority                                                                    29

131‑35................... Obligations of superannuation providers.......................... 29

131‑40................... Voluntary compliance with a release authority relating to defined benefit interests  30

131‑45................... Meaning of maximum available release amount................ 30

131‑50................... Notifying Commissioner.................................................. 31

131‑55................... Notifying you................................................................... 31

131‑60................... Compensation for acquisition of property......................... 32

Consequences of releasing amounts                                                                    32

131‑65................... Entitlement to credits......................................................... 32

131‑70................... Interest for late payments of money received by the Commissioner in accordance with release authority.......................................................................................... 33

131‑75................... Income tax treatment of amounts released—proportioning rule does not apply       33

Division 133—Division 293 tax                                                                            34

Guide to Division 133                                                                                              34

133‑1..................... What this Division is about............................................... 34

Subdivision 133‑A—Deferral determination                                                    34

Guide to Subdivision 133‑A                                                                                   34

133‑5..................... What this Subdivision is about......................................... 34

Operative provisions                                                                                               35

133‑10................... Determination of tax that is deferred to a debt account..... 35

133‑15................... Defined benefit tax............................................................ 35

133‑20................... How to attribute the defined benefit tax to defined benefit interests         36

133‑25................... Determination reducing tax deferred to a debt account...... 37

133‑30................... General provisions applying to determinations under this Subdivision    37

Subdivision 133‑B—Debt account                                                                        38

Guide to Subdivision 133‑B                                                                                   38

133‑55................... What this Subdivision is about......................................... 38

Operative provisions                                                                                               39

133‑60................... Debt account to be kept for deferred tax........................... 39

133‑65................... Interest on debt account balance........................................ 39

133‑70................... Voluntary payments.......................................................... 40

133‑75................... Commissioner must notify superannuation provider of debt account       40

Subdivision 133‑C—Compulsory payment                                                       41

Guide to Subdivision 133‑C                                                                                   41

133‑100................. What this Subdivision is about......................................... 41

Debt account discharge liability                                                                           41

133‑105................. Liability to pay debt account discharge liability................. 41

133‑110................. When debt account discharge liability must be paid.......... 42

133‑115................. General interest charge...................................................... 42

133‑120................. Meaning of debt account discharge liability..................... 43

133‑125................. Notice of debt account discharge liability.......................... 43

End benefit                                                                                                                 44

133‑130................. Meaning of end benefit..................................................... 44

133‑135................. Superannuation provider may request debt account status 45

133‑140................. End benefit notice—superannuation provider................... 45

133‑145................. End benefit notice—material changes or omissions.......... 46

Division 135—Releasing money from superannuation                                  47

Guide to Division 135                                                                                              48

135‑1..................... What this Division is about............................................... 47

Subdivision 135‑A—When the Commissioner must issue a release authority                47

Guide to Subdivision 135‑A                                                                                   47

135‑5..................... What this Subdivision is about......................................... 47

Operative provisions                                                                                               48

135‑10................... Release authorities............................................................ 48

Subdivision 135‑B—When a release authority can be given to a superannuation provider       49

Guide to Subdivision 135‑B                                                                                   49

135‑35................... What this Subdivision is about......................................... 49

Operative provisions                                                                                               50

135‑40................... When you may give release authority to superannuation provider           50

Subdivision 135‑C—Release of superannuation money under a release authority       50

Guide to Subdivision 135‑C                                                                                   50

135‑70................... What this Subdivision is about......................................... 50

Operative provisions                                                                                               51

135‑75................... Requirement for superannuation provider to release money 51

135‑80................... Compensation for acquisition of property......................... 52

135‑85................... Release amount................................................................. 52

135‑90................... How the Commissioner applies amounts received under a release authority            53

135‑95................... Defined benefit interests—releasing amounts to pay debt account discharge liability              53

135‑100................. Income tax treatment of amounts released—proportioning rule does not apply       53

Division 136—Transfer balance cap                                                                  54

Guide to Division 136                                                                                              55

136‑1..................... What this Division is about............................................... 54

Subdivision 136‑A—Excess transfer balance determinations                      54

Guide to Subdivision 136‑A                                                                                   54

136‑5..................... What this Subdivision is about......................................... 54

Operative provisions                                                                                               55

136‑10................... Excess transfer balance determination............................... 55

136‑15................... Review.............................................................................. 56

136‑20................... Electing to commute a different superannuation income stream               56

136‑25................... Notifying Commissioner of transfer balance debits.......... 57

Subdivision 136‑B—Commutation authorities                                                 58

Guide to Subdivision 136‑B                                                                                   58

136‑50................... What this Subdivision is about......................................... 58

Obligations of Commissioner                                                                               59

136‑55................... Issuing of commutation authorities................................... 59

136‑60................... Varying and revoking a commutation authority................ 60

136‑65................... Issuing further commutation authorities............................ 60

136‑70................... Notifying of non‑commutable excess transfer balance...... 61

Obligations of superannuation income stream providers                             62

136‑80................... Obligations on superannuation income stream providers.. 62

136‑85................... Notifying the Commissioner............................................. 63

136‑90................... Notifying you................................................................... 63

Division 138—First home super saver scheme                                                 64

Guide to Division 138                                                                                              65

138‑1..................... What this Division is about............................................... 64

Subdivision 138‑A—First home super saver determination                         64

Guide to Subdivision 138‑A                                                                                   64

138‑5..................... What this Subdivision is about......................................... 64

Operative provisions                                                                                               65

138‑10................... First home super saver determination............................... 65

138‑15................... Review.............................................................................. 66

Subdivision 138‑B—FHSS maximum release amount                                   66

Guide to Subdivision 138‑B                                                                                   66

138‑20................... What this Subdivision is about......................................... 66

Operative provisions                                                                                               67

138‑25................... FHSS maximum release amount....................................... 67

138‑30................... FHSS releasable contributions amount............................. 67

138‑35................... Eligible contributions........................................................ 68

138‑40................... Associated earnings.......................................................... 70

Part 3‑30—Diverted profits tax                                                                            71

Division 145—Assessments of diverted profits tax                                          71

Guide to Division 145                                                                                              72

145‑1..................... What this Division is about............................................... 71

145‑5..................... DPT assessments—modified application of Division 155 71

145‑10................... When DPT assessments can be made............................... 71

145‑15................... Period of review of DPT assessments.............................. 72

145‑20................... Review of assessments..................................................... 73

145‑25................... Restricted DPT evidence................................................... 74

Chapter 4—Generic assessment, collection and recovery rules               77

Part 4‑1—Returns and assessments                                                                    77

Division 155—Assessments                                                                                    77

Guide to Division 155                                                                                              78

155‑1..................... What this Division is about............................................... 77

Subdivision 155‑A—Making assessments                                                          77

155‑5..................... Commissioner may make assessment............................... 78

155‑10................... Commissioner must give notice of assessment................. 79

155‑15................... Self‑assessment................................................................ 79

155‑20................... Assessment of indirect tax on importations and customs dealing             81

155‑25................... Special assessment............................................................ 82

155‑30................... Delays in making assessments.......................................... 82

Subdivision 155‑B—Amending assessments                                                      83

When Commissioner may amend assessments                                                 83

155‑35................... Amendment during period of review................................ 83

155‑40................... Amendment during period of review—certain applications taken to be notices       85

155‑45................... Amendment on application............................................... 86

155‑50................... Amendment to give effect to private ruling....................... 86

155‑55................... Amendment to give effect to certain anti‑avoidance declarations              86

155‑60................... Amendment because of review, objection or fraud........... 87

Special rules about amending amended assessments                                      87

155‑65................... Amending amended assessments...................................... 87

155‑70................... Refreshed period of review............................................... 87

General rules                                                                                                             88

155‑75................... Refunds of amounts overpaid........................................... 88

155‑80................... Amended assessments are assessments............................ 88

Subdivision 155‑C—Validity and review of assessments                               89

155‑85................... Validity of assessment...................................................... 89

155‑90................... Review of assessments..................................................... 89

Subdivision 155‑D—Miscellaneous                                                                     89

155‑95................... Entities.............................................................................. 89

Part 4‑15—Collection and recovery of tax‑related liabilities and other amounts           91

Division 250—Introduction                                                                                   91

Subdivision 250‑A—Guide to Part 4‑15                                                             91

250‑1..................... What this Part is about...................................................... 91

250‑5..................... Some important concepts about tax‑related liabilities........ 91

250‑10................... Summary of tax‑related liabilities...................................... 92

Subdivision 250‑B—Object of this Part                                                            101

250‑25................... Object............................................................................. 101

Division 255—General rules about collection and recovery                      102

Subdivision 255‑A—Tax‑related liabilities                                                     102

255‑1..................... Meaning of tax‑related liability....................................... 102

255‑5..................... Recovering a tax‑related liability that is due and payable 102

Subdivision 255‑B—Commissioner’s power to vary payment time          103

255‑10................... To defer the payment time............................................... 103

255‑15................... To permit payments by instalments................................. 104

255‑20................... To bring forward the payment time in certain cases........ 104

Subdivision 255‑C—Service of documents if person absent from Australia or cannot be found              105

Guide to Subdivision 255‑C                                                                                 105

255‑35................... What this Subdivision is about....................................... 105

Operative provisions                                                                                             105

255‑40................... Service of documents if person absent from Australia or cannot be found              105

Subdivision 255‑D—Security deposits                                                              106

255‑100................. Commissioner may require security deposit................... 106

255‑105................. Notice of requirement to give security............................ 107

255‑110................. Offence........................................................................... 108

255‑115................. Order to comply with requirement.................................. 108

255‑120................. Offence........................................................................... 109

Division 260—Special rules about collection and recovery                        110

Guide to Division 260                                                                                            111

260‑1..................... What this Division is about............................................. 110

Subdivision 260‑A—From third party                                                              110

260‑5..................... Commissioner may collect amounts from third party...... 111

260‑10................... Notice to Commonwealth, State or Territory.................. 112

260‑15................... Indemnity........................................................................ 113

260‑20................... Offence........................................................................... 113

Subdivision 260‑B—From liquidator                                                               113

260‑40................... Subdivision does not apply to superannuation guarantee charge              114

260‑45................... Liquidator’s obligation.................................................... 114

260‑50................... Offence........................................................................... 115

260‑55................... Joint liability of 2 or more liquidators............................. 115

260‑60................... Liquidator’s other obligation or liability.......................... 116

Subdivision 260‑C—From receiver                                                                   116

260‑75................... Receiver’s obligation...................................................... 116

260‑80................... Offence........................................................................... 117

260‑85................... Joint liability of 2 or more receivers................................ 118

260‑90................... Receiver’s other obligation or liability............................ 118

Subdivision 260‑D—From agent winding up business for foreign resident principal  118

260‑105................. Obligation of agent winding up business for foreign resident principal   118

260‑110................. Offence........................................................................... 119

260‑115................. Joint liability of 2 or more agents.................................... 119

260‑120................. Agent’s other obligation or liability................................ 120

Subdivision 260‑E—From deceased person’s estate                                     120

260‑140................. Administered estate......................................................... 120

260‑145................. Unadministered estate..................................................... 121

260‑150................. Commissioner may authorise amount to be recovered.... 122

Division 263—Mutual assistance in the administration of foreign tax laws 123

Subdivision 263‑A—Foreign revenue claims                                                  123

Guide to Subdivision 263‑A                                                                                 123

263‑5..................... What this Subdivision is about....................................... 123

Operative provisions                                                                                             124

263‑10................... Meaning of foreign revenue claim.................................. 124

263‑15................... Requirements for foreign revenue claims........................ 124

263‑20................... Foreign Revenue Claims Register................................... 124

263‑25................... Registering claims........................................................... 125

263‑30................... When amount is due and payable.................................... 125

263‑35................... Amending the Register etc.............................................. 126

263‑40................... Payment to competent authority...................................... 127

Subdivision 263‑B—Service of documents in Australia on behalf of foreign revenue authorities           128

Guide to Subdivision 263‑B                                                                                 128

263‑55................... What this Subdivision is about....................................... 128

Operative provisions                                                                                             128

263‑60................... Meaning of foreign service of document request............ 128

263‑65................... Service of document subject to foreign service of document request       129

Division 265—Other matters                                                                              130

Subdivision 265‑A—Right of person to seek recovery or contribution    130

Guide to Subdivision 265‑A                                                                                 130

265‑35................... What this Subdivision is about....................................... 130

Operative provisions                                                                                             130

265‑40................... Right of recovery if another person is liable................... 130

265‑45................... Right of contribution if persons are jointly liable............ 131

Subdivision 265‑B—Application of laws                                                          131

265‑65................... Non‑application of certain taxation laws......................... 131

Subdivision 265‑C—Direction to pay superannuation guarantee charge 132

Guide to Subdivision 265‑C                                                                                 132

265‑85................... What this Subdivision is about....................................... 132

265‑90................... Direction to pay superannuation guarantee charge.......... 132

265‑95................... Offence........................................................................... 134

265‑100................. Variation or revocation................................................... 134

265‑105................. Effect of liability being reduced or ceasing to exist......... 135

265‑110................. Taxation objection........................................................... 136

265‑115................. Extension of period to comply if taxation objection made 136

Division 268—Estimates                                                                                      138

Guide to Division 268                                                                                            139

268‑1..................... What this Division is about............................................. 138

Subdivision 268‑A—Object                                                                                  139

268‑5..................... Object of Division.......................................................... 139

Subdivision 268‑B—Making estimates                                                             139

268‑10................... Commissioner may make estimate.................................. 139

268‑15................... Notice of estimate........................................................... 141

Subdivision 268‑C—Liability to pay estimates                                              142

268‑20................... Nature of liability to pay estimate.................................... 142

268‑25................... Accuracy of estimate irrelevant to liability to pay............ 143

268‑30................... Estimate provable in bankruptcy or winding up.............. 144

Subdivision 268‑D—Reducing and revoking estimates                                145

268‑35................... How estimate may be reduced or revoked—Commissioner’s powers     145

268‑40................... How estimate may be reduced or revoked—statutory declaration or affidavit          147

268‑45................... How estimate may be reduced or revoked—rejection of proof of debt    149

268‑50................... How estimate may be reduced—amount paid or applied 151

268‑55................... When reduction or revocation takes effect...................... 151

268‑60................... Consequences of reduction or revocation—refund......... 152

268‑65................... Consequences of reduction or revocation—statutory demand changed or set aside 152

268‑70................... Consequences of reduction or revocation—underlying liability               153

Subdivision 268‑E—Late payment of estimates                                             153

268‑75................... Liability to pay the general interest charge...................... 153

268‑80................... Effect of paying the general interest charge..................... 154

Subdivision 268‑F—Miscellaneous                                                                    155

268‑85................... Effect of judgment on liability on which it is based........ 155

268‑90................... Requirements for statutory declaration or affidavit......... 156

268‑95................... Liquidators, receivers and trustees in bankruptcy........... 159

268‑100................. Division not to limit or exclude Corporations or Bankruptcy Act            161

Division 269—Penalties for directors of non‑complying companies       162

Guide to Division 269                                                                                            163

269‑1..................... What this Division is about............................................. 162

Subdivision 269‑A—Object and scope                                                              163

269‑5..................... Object of Division.......................................................... 163

269‑10................... Scope of Division........................................................... 163

Subdivision 269‑B—Obligations and penalties                                              166

269‑15................... Directors’ obligations..................................................... 166

269‑20................... Penalty............................................................................ 167

269‑25................... Notice............................................................................. 168

269‑30................... Effect on penalty of directors’ obligation ending before end of notice period          169

269‑35................... Defences......................................................................... 174

Subdivision 269‑C—Discharging liabilities                                                    176

269‑40................... Effect of director paying penalty or company discharging liability           177

269‑45................... Directors’ rights of indemnity and contribution.............. 177

Subdivision 269‑D—Miscellaneous                                                                   178

269‑50................... How notice may be given............................................... 178

269‑52................... Copies of notices............................................................ 178

269‑55................... Division not to limit or exclude Corporations Act.......... 179

Part 4‑25—Charges and penalties                                                                     180

Division 280—Shortfall interest charge                                                           180

Guide to Division 280                                                                                            181

280‑1..................... Guide to Division 280.................................................... 180

Subdivision 280‑A—Object of Division                                                            180

280‑50................... Object of Division.......................................................... 180

Subdivision 280‑B—Shortfall interest charge                                                181

280‑100................. Liability to shortfall interest charge—income tax............ 181

280‑101................. Liability to shortfall interest charge—excess exploration credit tax          182

280‑102................. Liability to shortfall interest charge—petroleum resource rent tax            183

280‑102A.............. Liability to shortfall interest charge—excess non‑concessional contributions tax    184

280‑102B.............. Liability to shortfall interest charge—Division 293 tax... 185

280‑102C.............. Liability to shortfall interest charge—diverted profits tax 186

280‑103................. Liability to shortfall interest charge—general.................. 188

280‑105................. Amount of shortfall interest charge................................. 188

280‑110................. Notification by Commissioner........................................ 188

Subdivision 280‑C—Remitting shortfall interest charge                             189

280‑160................. Remitting shortfall interest charge................................... 189

280‑165................. Commissioner must give reasons for not remitting in certain cases         189

280‑170................. Objecting against remission decision.............................. 190

Division 284—Administrative penalties for statements, unarguable positions and schemes      191

Guide to Division 284                                                                                            192

284‑5..................... What this Division is about............................................. 191

Subdivision 284‑A—General provisions                                                          191

284‑10................... Object of Division.......................................................... 192

284‑15................... When a matter is reasonably arguable........................... 192

284‑20................... Which statements this Division applies to....................... 193

284‑25................... Statements by agents....................................................... 193

284‑30................... Application of Division to trusts..................................... 193

284‑35................... Application of Division to partnerships.......................... 193

Subdivision 284‑B—Penalties relating to statements                                    194

Guide to Subdivision 284‑B                                                                                 194

284‑70................... What this Subdivision is about....................................... 194

Operative provisions                                                                                             195

284‑75................... Liability to penalty.......................................................... 195

284‑80................... Shortfall amounts........................................................... 198

284‑85................... Amount of penalty.......................................................... 200

284‑90................... Base penalty amount....................................................... 201

284‑95................... Joint and several liability of directors of corporate trustee that makes a false or misleading statement     205

Subdivision 284‑C—Penalties relating to schemes                                        206

Guide to Subdivision 284‑C                                                                                 206

284‑140................. What this Subdivision is about....................................... 206

Operative provisions                                                                                             206

284‑145................. Liability to penalty.......................................................... 206

284‑150................. Scheme benefits and scheme shortfall amounts.............. 208

284‑155................. Amount of penalty.......................................................... 210

284‑160................. Base penalty amount: schemes....................................... 211

284‑165................. Exception—threshold for penalty arising from cross‑border transfer pricing          212

Subdivision 284‑D—Provisions common to Subdivisions 284‑B and 284‑C 213

284‑220................. Increase in base penalty amount...................................... 214

284‑224................. Reduction of base penalty amount if law was applied in an accepted way               215

284‑225................. Reduction of base penalty amount if you voluntarily tell the Commissioner            215

Subdivision 284‑E—Special rules about unarguable positions for cross‑border transfer pricing           217

284‑250................. Undocumented transfer pricing treatment not reasonably arguable          217

284‑255................. Documentation requirements.......................................... 217

Division 286—Penalties for failing to lodge documents on time               219

Subdivision 286‑A—Guide to Division 286                                                     219

286‑1..................... What this Division is about............................................. 219

Subdivision 286‑B—Object of Division                                                            219

286‑25................... Object of Division.......................................................... 219

Subdivision 286‑C—Penalties for failing to lodge documents on time    220

286‑75................... Liability to penalty.......................................................... 220

286‑80................... Amount of penalty.......................................................... 222

Division 288—Miscellaneous administrative penalties                                226

288‑10................... Penalty for non‑electronic notification............................ 226

288‑20................... Penalty for non‑electronic payment................................. 227

288‑25................... Penalty for failure to keep or retain records.................... 227

288‑30................... Penalty for failure to retain or produce declarations........ 228

288‑35................... Penalty for preventing access etc.................................... 228

288‑40................... Penalty for failing to register or cancel registration......... 229

288‑45................... Penalty for failing to issue tax invoice etc....................... 229

288‑46................... Penalty for failing to ensure tax information about supplies of low value goods is included in customs documents....................................................................... 229

288‑50................... Penalty for both principal and agent issuing certain documents               230

288‑70................... Administrative penalties for life insurance companies.... 230

288‑75................... Administrative penalty for a copyright or resale royalty collecting society               232

288‑80................... Administrative penalty for over declaring conduit foreign income           232

288‑85................... Failure by Reporting Financial Institution to obtain self‑certification       233

288‑95................... Failing to comply etc. with release authority................... 234

288‑100................. Excess money paid under release authority..................... 235

288‑105................. Superannuation provider to calculate crystallised pre‑July 83 amount of superannuation interest by 30 June 2008................................................................................ 235

288‑110................. Contravention of superannuation data and payment regulation or standard              236

288‑115................. AMIT under or over resulting from intentional disregard of or recklessness as to taxation law              237

288‑120................. Prohibited offsets of liabilities using interest etc. accrued on farm management deposits        239

288‑125................. Producing or supplying electronic sales suppression tools 240

288‑130................. Possessing electronic sales suppression tools................. 240

288‑135................. Incorrectly keeping records using electronic sales suppression tools       241

Division 290—Promotion and implementation of schemes                        242

Subdivision 290‑A—Preliminary                                                                       242

290‑5..................... Objects of this Division.................................................. 242

290‑10................... Extra‑territorial application.............................................. 242

Subdivision 290‑B—Civil penalties                                                                   242

290‑50................... Civil penalties................................................................. 243

290‑55................... Exceptions...................................................................... 245

290‑60................... Meaning of promoter..................................................... 247

290‑65................... Meaning of tax exploitation scheme................................ 247

Subdivision 290‑C—Injunctions                                                                         248

290‑120................. Conduct to which this Subdivision applies..................... 249

290‑125................. Injunctions...................................................................... 249

290‑130................. Interim injunctions.......................................................... 249

290‑135................. Delay in making ruling................................................... 249

290‑140................. Discharge etc. of injunctions........................................... 250

290‑145................. Certain limits on granting injunctions not to apply.......... 250

290‑150................. Other powers of the Federal Court unaffected................ 251

Subdivision 290‑D—Voluntary undertakings                                                 251

290‑200................. Voluntary undertakings.................................................. 251

Division 295—Miscellaneous civil penalties                                                   252

Subdivision 295‑B—Civil penalty for possession of tobacco without relevant documentation 252

Guide to Subdivision 295‑B                                                                                 252

295‑70................... What this Subdivision is about....................................... 252

295‑75................... Possession of tobacco without relevant documentation etc. 253

295‑80................... Things treated as tobacco................................................ 255

Division 298—Machinery provisions for penalties                                       256

Subdivision 298‑A—Administrative penalties                                                256

298‑5..................... Scope of Subdivision...................................................... 256

298‑10................... Notification of liability.................................................... 256

298‑15................... Due date for penalty........................................................ 257

298‑20................... Remission of penalty...................................................... 257

298‑25................... General interest charge on unpaid penalty....................... 257

298‑30................... Assessment of penalties under Division 284 or section 288‑115             258

Subdivision 298‑B—Civil penalties                                                                   258

298‑80................... Application of Subdivision............................................. 258

298‑85................... Civil evidence and procedure rules for civil penalty orders 259

298‑90................... Civil proceedings after criminal proceedings.................. 259

298‑95................... Criminal proceedings during civil proceedings............... 259

298‑100................. Criminal proceedings after civil proceedings.................. 259

298‑105................. Evidence given in proceedings for penalty not admissible in criminal proceedings  260

298‑110................. Civil double jeopardy...................................................... 260

Part 4‑30—Offences and prosecutions                                                            261

Division 308—Offences relating to tobacco                                                    261

Guide to Division 308                                                                                            262

308‑1..................... What this Division is about............................................. 261

Subdivision 308‑A—Reasonable suspicion offences relating to tobacco 261

Guide to Subdivision 308‑A                                                                                 261

308‑5..................... What this Subdivision is about....................................... 261

308‑10................... Possession of tobacco (500 kilograms or above)—reasonable suspicion offence    262

308‑15................... Possession of tobacco (100 kilograms or above)—reasonable suspicion offence    265

308‑20................... Possession of tobacco (5 kg or above)—reasonable suspicion offence   268

308‑25................... Sale of tobacco (500 kilograms or above)—reasonable suspicion offence               270

308‑30................... Sale of tobacco (100 kilograms or above)—reasonable suspicion offence               273

308‑35................... Sale of tobacco (5 kg or above)—reasonable suspicion offence              275

308‑40................... Buying of tobacco (500 kilograms or above)—reasonable suspicion offence          278

308‑45................... Buying of tobacco (100 kilograms or above)—reasonable suspicion offence          281

308‑50................... Buying of tobacco (5 kg or above)—reasonable suspicion offence         283

308‑55................... Matters taken to satisfy “reasonable to suspect” requirement 286

Subdivision 308‑B—Fault‑based offences of possession, production and manufacture              288

Guide to Subdivision 308‑B                                                                                 288

308‑105................. What this Subdivision is about....................................... 288

308‑110................. Possession of tobacco (500 kg or above)—fault‑based offence               289

308‑115................. Possession of tobacco (100 kg or above)—fault‑based offence               291

308‑120................. Possession of tobacco (5 kg or above)—fault‑based offence.. 294

308‑125................. Manufacture or production of tobacco (500 kg or above)—fault‑based offence      296

308‑130................. Manufacture or production of tobacco (100 kg or above)—fault‑based offence      298

308‑135................. Manufacture or production of tobacco (5 kg or above)—fault‑based offence          300

Subdivision 308‑C—Offences relating to equipment relating to the manufacture or production of tobacco        303

Guide to Subdivision 308‑C                                                                                 303

308‑200................. What this Subdivision is about....................................... 303

308‑205................. Possession of equipment for use in illegal manufacture or production of tobacco   303

308‑210................. Possession of equipment designed or adapted to manufacture or produce tobacco  304

Subdivision 308‑E—Other provisions                                                              305

Guide to Subdivision 308‑E                                                                                 305

308‑500................. What this Subdivision is about....................................... 305

308‑505................. Things treated as tobacco................................................ 306

308‑510................. Matters treated as possession.......................................... 306

308‑515................. Where excise duty or customs duty is treated as not payable for the purpose of the reasonable suspicion offences.......................................................................... 306

308‑520................. Section 8ZD does not apply to this Division.................. 307

Part 4‑50—Release from particular liabilities                                            308

Division 340Commissioner’s power in cases of hardship                        308

Guide to Division 340                                                                                            309

340‑1..................... What this Division is about............................................. 308

Operative provisions                                                                                             308

340‑5..................... Release from particular liabilities in cases of serious hardship 308

340‑10................... Liabilities to which this section applies........................... 310

340‑15................... Commissioner may take action to give effect to a release decision           311

340‑20................... Extinguishing your liability to pay a fringe benefits tax instalment if you are released             312

340‑25................... Extinguishing your liability to pay a PAYG instalment if you are released              312

Division 342Commissioner’s power relating to proceeds of crime proceedings       314

Guide to Division 342                                                                                            315

342‑1..................... What this Division is about............................................. 314

Subdivision 342‑A—Power to waive right to payment of tax‑related liabilities            314

342‑5..................... Object of this Subdivision.............................................. 314

342‑10................... Power to waive right to payment of tax‑related liability.. 315

Part 4‑90—Evidence                                                                                                 317

Division 350—Evidence                                                                                       317

Guide to Division 350                                                                                            318

350‑1..................... What this Division is about............................................. 317

Subdivision 350‑A—Evidence                                                                             317

350‑5..................... Application of Subdivision............................................. 317

350‑10................... Evidence......................................................................... 318

350‑12................... Prima facie evidence—particulars stated in evidentiary certificate            320

350‑15................... Judicial notice of signature.............................................. 321

350‑20................... Certain statements or averments in proceedings to recover tax‑related liabilities      321

350‑25................... Evidence by affidavit in proceedings to recover tax‑related liabilities       322

Chapter 5—Administration                                                                                         323

Part 5‑1—The Australian Taxation Office                                                   323

Division 352—Commissioner’s reporting obligations                                 323

Guide to Division 352                                                                                            324

352‑1..................... What this Division is about............................................. 323

Subdivision 352‑A—Accountability of the Commissioner in respect of indirect tax laws           323

352‑5..................... Commissioner must prepare annual report on indirect tax laws               323

Subdivision 352‑C—Reporting on working holiday makers                      324

352‑25................... Commissioner must prepare annual report on working holiday makers   324

Division 353—Powers to obtain information and evidence                        325

Guide to Division 353                                                                                            326

353‑1..................... What this Division is about............................................. 325

Subdivision 353‑A—Powers to obtain information and evidence             325

353‑10................... Commissioner’s power................................................... 325

353‑15................... Access to premises, documents etc................................. 326

353‑20................... Checking status of specifically listed deductible gift recipients                327

Subdivision 353‑B—Powers to obtain information and evidence from overseas          329

353‑25................... Offshore information notices.......................................... 329

353‑30................... Offshore information notices—consequence of not complying               331

Division 354—Power to obtain information about rights or interests in property       333

354‑5..................... Power to obtain information about rights or interests in property            333

Division 355—Confidentiality of taxpayer information                             335

Guide to Division 355                                                                                            336

355‑1..................... What this Division is about............................................. 335

Subdivision 355‑A—Objects and application of Division                            335

355‑10................... Objects of Division......................................................... 336

355‑15................... Application of Division.................................................. 336

Subdivision 355‑B—Disclosure of protected information by taxation officers             336

Guide to Subdivision 355‑B                                                                                 336

355‑20................... What this Subdivision is about....................................... 336

Operative provisions                                                                                             337

355‑25................... Offence—disclosure of protected information by taxation officers          337

355‑30................... Meaning of protected information and taxation officer... 339

355‑35................... Consent is not a defence................................................. 339

355‑40................... Generality of Subdivision not limited............................. 340

355‑45................... Exception—disclosure of publicly available information 340

355‑47................... Exception—disclosure of periodic aggregate tax information  340

355‑50................... Exception—disclosure in performing duties................... 341

355‑55................... Exception—disclosure to Ministers................................ 343

355‑60................... Limits on disclosure to Ministers.................................... 345

355‑65................... Exception—disclosure for other government purposes.. 346

355‑67................... Exception—disclosure to registrars................................ 363

355‑70................... Exception—disclosure for law enforcement and related purposes           364

355‑72................... Exception—disclosure to credit reporting bureaus.......... 370

355‑75................... Limits on disclosure to courts and tribunals.................... 373

Subdivision 355‑C—On‑disclosure of protected information by other people               373

Guide to Subdivision 355‑C                                                                                 373

355‑150................. What this Subdivision is about....................................... 373

Operative provisions                                                                                             374

355‑155................. Offence—on‑disclosure of protected information by other people           374

355‑160................. Consent is not a defence................................................. 375

355‑165................. Generality of Subdivision not limited............................. 375

355‑170................. Exception—on‑disclosure of publicly available information 375

355‑172................. Exception—disclosure of periodic aggregate tax information  375

355‑175................. Exception—on‑disclosure for original purpose.............. 375

355‑180................. Exception—on‑disclosure to Ministers in relation to statutory powers or functions                377

355‑182................. Exception—on‑disclosure of certain information to Commonwealth Ombudsman  377

355‑185................. Exception—on‑disclosure in relation to IGIS................. 378

355‑190................. Exception—on‑disclosure in relation to ASIO............... 379

355‑195................. Exception—on‑disclosure by Royal Commissions......... 380

355‑200................. Exception—records made in compliance with Australian laws                381

355‑205................. Limits on on‑disclosure to courts or tribunals................. 381

355‑210................. Limits on on‑disclosure to Ministers.............................. 381

355‑215................. Exception—on‑disclosure of information disclosed to credit reporting bureaus      382

Subdivision 355‑D—Disclosure of protected information that has been unlawfully acquired   382

Guide to Subdivision 355‑D                                                                                 382

355‑260................. What this Subdivision is about....................................... 382

Operative provisions                                                                                             383

355‑265................. Offence—disclosure of protected information acquired in breach of a taxation law 383

355‑270................. Exception—disclosure of publicly available information 383

355‑275................. Exception—disclosure in relation to a taxation law......... 384

355‑280................. Limits on disclosure to courts and tribunals.................... 384

Subdivision 355‑E—Other matters                                                                    384

Guide to Subdivision 355‑E                                                                                 384

355‑320................. What this Subdivision is about....................................... 384

Operative provisions                                                                                             385

355‑325................. Oath or affirmation to protect information...................... 385

355‑330................. Injunctions to prevent contravention of non‑disclosure provisions          385

355‑335................. Procedures for disclosing protected information............. 387

Division 356—General administration of tax laws                                       389

Guide to Division 356                                                                                            390

356‑1..................... What this Division is about............................................. 389

Subdivision 356‑A—Indirect tax laws                                                               389

356‑5..................... Commissioner has general administration of indirect tax laws 389

Subdivision 356‑B—Major bank levy                                                               389

356‑10................... Commissioner has general administration of major bank levy 389

Part 5‑5—Rulings                                                                                                       390

Division 357—Object and common rules                                                         390

Guide to Division 357                                                                                            391

357‑1..................... What this Division is about............................................. 390

Subdivision 357‑A—Object of this Part                                                            390

357‑5..................... Object of this Part........................................................... 391

Subdivision 357‑B—Common rules for rulings                                             392

Rules for all rulings                                                                                               392

357‑50................... Scope of Division........................................................... 392

357‑55................... The provisions that are relevant for rulings..................... 393

357‑60................... When rulings are binding on the Commissioner............. 393

357‑65................... Stopping relying on a ruling........................................... 396

357‑70................... Commissioner may apply the law if more favourable than the ruling       397

357‑75................... Inconsistent rulings......................................................... 397

357‑80................... Contracts for schemes..................................................... 399

357‑85................... Effect on ruling if relevant provision re‑enacted............. 399

357‑90................... Validity of ruling not affected by formal defect.............. 399

Common rules for public and private rulings                                                400

357‑95................... Electronic communications............................................. 400

Common rules for private and oral rulings                                                    400

357‑105................. Further information must be sought................................ 400

357‑110................. Assumptions in making private or oral ruling................. 400

357‑115................. Additional information provided by applicant................. 401

357‑120................. Commissioner may take into account information from third parties       401

357‑125................. Applications and objections not to affect obligations and powers            401

Division 358—Public rulings                                                                              403

Guide to Division 358                                                                                            404

358‑1..................... What this Division is about............................................. 403

Making public rulings                                                                                           403

358‑5..................... What is a public ruling?.................................................. 403

358‑10................... Application of public rulings.......................................... 404

358‑15................... When a public ruling ceases to apply.............................. 404

Withdrawing public rulings                                                                                 405

358‑20................... Withdrawing public rulings............................................ 405

Division 359—Private rulings                                                                            406

Guide to Division 359                                                                                            407

359‑1..................... What this Division is about............................................. 406

Private rulings                                                                                                        407

359‑5..................... Private rulings................................................................. 407

359‑10................... Applying for a private ruling.......................................... 407

359‑15................... Private rulings to be given to applicants.......................... 407

359‑20................... Private rulings must contain certain details..................... 407

359‑25................... Time of application of private rulings............................. 408

359‑30................... Ruling for trustee of a trust............................................. 408

359‑35................... Dealing with applications................................................ 409

359‑40................... Valuations....................................................................... 409

359‑45................... Related rulings................................................................ 410

359‑50................... Delays in making private rulings.................................... 411

359‑55................... Revised private rulings................................................... 412

359‑60................... Objections, reviews and appeals relating to private rulings 413

359‑65................... Commissioner may consider new information on objection 414

359‑70................... Successful objection decision alters ruling...................... 414

Division 360—Oral rulings                                                                                 415

Guide to Division 360                                                                                            416

360‑1..................... What this Division is about............................................. 415

Oral rulings                                                                                                             415

360‑5..................... Applying for and making of oral rulings........................ 415

360‑10................... Withdrawing an application for an oral ruling................. 417

360‑15................... Commissioner determinations......................................... 417

Division 361—Non‑ruling advice and general administrative practice  418

361‑5..................... Non‑ruling advice and general administrative practice.... 418

Division 362—Rulings by Industry Innovation and Science Australia that activities are not ineligible activities                                                                                                       419

Guide to Division 362                                                                                            420

362‑1..................... What this Division is about............................................. 419

Public rulings by Industry Innovation and Science Australia                    420

362‑5..................... Industry Innovation and Science Australia may make public rulings on a specified class of activities     420

362‑10................... Application of public rulings.......................................... 421

362‑15................... When a public ruling ceases to apply.............................. 421

362‑20................... Withdrawing public rulings............................................ 421

Private rulings by Industry Innovation and Science Australia                  421

362‑25................... Industry Innovation and Science Australia may make private rulings on a specified activity   421

362‑30................... Applying for a private ruling.......................................... 422

362‑35................... Industry Innovation and Science Australia must give notice of its decision             422

362‑40................... Private rulings must contain certain details..................... 423

362‑45................... Application of private rulings......................................... 423

362‑50................... Delays in making private rulings.................................... 423

362‑55................... When a private ruling ceases to apply............................. 425

362‑60................... Withdrawing private rulings........................................... 425

General provisions                                                                                                 425

362‑65................... When rulings are binding on the Commissioner and Industry Innovation and Science Australia            425

362‑70................... Application of common rules under Subdivision 357‑B. 426

362‑75................... Application of Divisions 358 and 359............................ 426

Part 5‑10—Commissioner’s remedial power                                               427

Division 370—Commissioner’s remedial power                                            427

Guide to Division 370                                                                                            428

370‑1..................... What this Division is about............................................. 427

Subdivision 370‑A—Commissioner’s remedial power                                 428

370‑5..................... Commissioner’s remedial power.................................... 428

370‑10................... Intended purpose or object.............................................. 429

370‑15................... Repeal of determinations................................................. 430

370‑20................... Commencement of determinations.................................. 430

Part 5‑25—Record‑keeping and other obligations relating to taxpayers            431

Division 382—Record‑keeping                                                                           431

Guide to Division 382                                                                                            432

382‑1..................... What this Division is about............................................. 431

Subdivision 382‑A—Keeping records of indirect tax transactions           431

382‑5..................... Keeping records of indirect tax transactions.................... 431

Subdivision 382‑B—Record keeping obligations of deductible gift recipients               435

382‑15................... Deductible gift recipients to keep records....................... 435

Division 384—Education directions                                                                  437

Guide to Division 384                                                                                            438

384‑5..................... What this Division is about............................................. 437

384‑10................... When an education direction may be given..................... 437

384‑15................... Education direction......................................................... 438

384‑20................... Approval of courses of education................................... 439

384‑25................... Costs of course of education........................................... 440

384‑30................... Variation or revocation on Commissioner’s own initiative 440

384‑35................... Variation on request........................................................ 440

384‑40................... Taxation objection........................................................... 441

Division 388—Requirements about giving material to the Commissioner 442

Subdivision 388‑A—Object of Division                                                            442

388‑5..................... Object of Division.......................................................... 442

Subdivision 388‑B—General provisions                                                          442

388‑50................... Approved forms............................................................. 442

388‑52................... Saturdays, Sundays and public holidays......................... 443

388‑55................... Commissioner may defer time for lodgment................... 443

388‑60................... Declaration by entity....................................................... 444

388‑65................... Declaration by entity where agent gives document......... 444

388‑70................... Declaration by agent....................................................... 445

388‑75................... Signing declarations........................................................ 445

388‑80................... Electronic notification of BAS amounts.......................... 446

388‑85................... Truncating amounts........................................................ 446

Division 389—Reporting by employers                                                           447

Guide to Division 389                                                                                            448

389‑1..................... What this Division is about............................................. 447

389‑5..................... Required reporting by employers.................................... 447

389‑10................... Exemptions..................................................................... 450

389‑15................... Voluntary reporting by employers in relation to taxation laws 451

389‑20................... Effect on reporting requirements under Subdivision 16‑C 451

389‑25................... Grace periods for correcting false or misleading notifications  452

389‑30................... Voluntary reporting by employers in relation to child support laws         453

Division 390Superannuation reporting                                                        456

Guide to Division 390                                                                                            457

390‑1..................... What this Division is about............................................. 456

Subdivision 390‑A—Member information statements and roll‑over superannuation benefit statements               456

390‑5..................... Member information statements...................................... 456

390‑7..................... Grace periods for correcting false or misleading member information statements    459

390‑10................... Statements about roll‑over superannuation benefits etc... 460

390‑12................... Statements about benefits paid to KiwiSaver schemes.... 462

390‑15................... Superannuation statements to members.......................... 463

390‑20................... Statements relating to holders of certain life insurance policies                464

Subdivision 390‑BStatements relating to release authorities                 465

390‑65................... Statements relating to release authorities......................... 465

Subdivision 390‑COther statements                                                              467

390‑115................. Change or omission in information given to the Commissioner               467

Division 392—Employee share scheme reporting                                         468

Guide to Division 392                                                                                            469

392‑1..................... What this Division is about............................................. 468

Subdivision 392‑A—Statements                                                                          468

392‑5..................... Statements by providers.................................................. 468

392‑10................... Change or omission in information given to the Commissioner               471

Subdivision 392‑B—Miscellaneous                                                                   472

392‑15................... Application of certain provisions of Division 83A of the Income Tax Assessment Act 1997  472

Division 393—Reports by investment bodies                                                  473

Guide to Division 393                                                                                            474

393‑1..................... What this Division is about............................................. 473

393‑5..................... Reports about quoting tax file numbers and ABNs........ 473

393‑10................... Annual investment income reports.................................. 474

393‑15................... Errors in reports.............................................................. 475

Division 394Reporting about forestry managed investment schemes  476

Guide to Division 394                                                                                            477

394‑1..................... What this Division is about............................................. 476

394‑5..................... Statements about initial contributions to scheme............. 476

394‑10................... Statements about failure to establish trees within 18 months 477

Division 396—Third party reporting                                                               479

Guide to Division 396                                                                                            480

396‑1A.................. What this Division is about............................................. 479

Subdivision 396‑A—FATCA                                                                               479

Guide to Subdivision 396‑A                                                                                 479

396‑1..................... What this Subdivision is about....................................... 479

Operative provisions                                                                                             480

396‑5..................... Statements about U.S. Reportable Accounts................... 480

396‑10................... Statements about payments to Nonparticipating Financial Institutions     481

396‑15................... Meaning of the FATCA Agreement................................. 482

396‑20................... Permissions and elections............................................... 482

396‑25................... Record keeping............................................................... 483

Subdivision 396‑B—Information about transactions that could have tax consequences for taxpayers  484

Guide to Subdivision 396‑B                                                                                 484

396‑50................... What this Subdivision is about....................................... 484

Operative provisions                                                                                             484

396‑55................... Reporting tax‑related information about transactions to the Commissioner              484

396‑60................... Information required....................................................... 488

396‑65................... Exemptions—wholesale clients...................................... 489

396‑70................... Exemptions—other cases................................................ 490

396‑75................... Errors in reports.............................................................. 490

Subdivision 396‑C—Common Reporting Standard                                      491

Guide to Subdivision 396‑C                                                                                 491

396‑100................. What this Subdivision is about....................................... 491

Operative provisions                                                                                             492

396‑105................. Statements about Reportable Accounts........................... 492

396‑110................. Meaning of CRS............................................................. 493

396‑115................. Matters Common Reporting Standard leaves to domestic law 494

396‑120................. Application of Common Reporting Standard.................. 495

396‑125................. Record keeping............................................................... 496

396‑130................. Anti‑avoidance provisions.............................................. 497

396‑135................. Application of penalty to false or misleading self‑certification 499

396‑136................. Report on Reportable Accounts maintained by Australian Reporting Financial Institutions    499

Division 398—Miscellaneous reporting obligations                                     501

Guide to Division 398                                                                                            502

398‑1..................... What this Division is about............................................. 501

Subdivision 398‑A—Farm Management Deposit reporting                        501

398‑5..................... Reporting to Agriculture Department.............................. 501

Part 5‑30—Payment, ABN and identification verification system   503

Division 400—Guide to Part 5‑30                                                                      503

400‑1..................... What Part 5‑30 is about.................................................. 503

400‑5..................... The payment, ABN and identification verification system 503

Division 405—Transaction reporting by purchasers                                   504

405‑5..................... Payments to which this Division applies........................ 504

405‑10................... Reporting requirements................................................... 504

405‑15................... Invoices produced by purchasers.................................... 505

Division 410—Transaction reporting by suppliers                                       506

410‑5..................... Payments to which this Division applies........................ 506

410‑10................... Reporting requirements................................................... 506

410‑15................... Invoices produced by purchasers.................................... 507

Division 415—Verification of suppliers’ ABNs by purchasers                  508

415‑5..................... Payments to which this Division applies........................ 508

415‑10................... ABN verification requirements....................................... 508

415‑15................... Method of obtaining ABN verification........................... 509

415‑20................... Verification applies to later payments............................. 509

Division 417—Verification of suppliers’ identities by purchasers            510

417‑5..................... Payments to which this Division applies........................ 510

417‑10................... Identity verification requirements.................................... 510

417‑15................... Method of obtaining identity verification........................ 511

417‑20................... Verification applies to later payments............................. 511