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Taxation Administration Act 1953

Authoritative Version
  • - C2022C00267
  • In force - Superseded Version
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Act No. 1 of 1953 as amended, taking into account amendments up to Treasury Laws Amendment (2022 Measures No. 3) 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 30 Sep 2022
Start Date 28 Sep 2022
End Date 05 Dec 2022
Table of contents.

Commonwealth Coat of Arms of Australia

Taxation Administration Act 1953

No. 1, 1953

Compilation No. 194

Compilation date:                              28 September 2022

Includes amendments up to:            Act No. 35, 2022 and Act No. 75, 2022

Registered:                                         30 September 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 was rectified to take into account retrospective amendments made by Act No. 75, 2022. The original compilation is available in the rectification history on the Federal Register of Legislation.

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 28 September 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 3‑17—Laminaria and Corallina decommissioning levy                23

Division 125General provisions relating to Laminaria and Corallina decommissioning levy             23

125‑1..................... What this Division is about............................................... 23

Operative provisions                                                                                               23

125‑5..................... Returns............................................................................. 23

125‑10................... When Laminaria and Corallina decommissioning levy and related charges are due and payable              24

125‑15................... Assessments of Laminaria and Corallina decommissioning levy             25

Part 3‑20—Superannuation                                                                                    26

Division 131—Releasing money from superannuation                                  26

Subdivision 131‑A—Releasing money from superannuation                       26

Guide to Subdivision 131‑A                                                                                   26

131‑1..................... What this Subdivision is about......................................... 26

Requesting a release authority                                                                              27

131‑5..................... Requesting the release of amounts from superannuation interests            27

131‑10................... Restrictions on the total amount you can request to be released               29

Issuing a release authority to superannuation provider                                30

131‑15................... Issuing release authorities................................................. 30

131‑20................... Amount to be stated in a release authority......................... 31

131‑25................... Contents of a release authority.......................................... 32

131‑30................... Varying and revoking a release authority.......................... 32

Complying with a release authority                                                                    32

131‑35................... Obligations of superannuation providers.......................... 32

131‑40................... Voluntary compliance with a release authority relating to defined benefit interests  33

131‑45................... Meaning of maximum available release amount................ 33

131‑50................... Notifying Commissioner.................................................. 34

131‑55................... Notifying you................................................................... 34

131‑60................... Compensation for acquisition of property......................... 35

Consequences of releasing amounts                                                                    35

131‑65................... Entitlement to credits......................................................... 35

131‑70................... Interest for late payments of money received by the Commissioner in accordance with release authority.......................................................................................... 36

131‑75................... Income tax treatment of amounts released—proportioning rule does not apply       36

Division 133—Division 293 tax                                                                            37

Guide to Division 133                                                                                              37

133‑1..................... What this Division is about............................................... 37

Subdivision 133‑A—Deferral determination                                                    37

Guide to Subdivision 133‑A                                                                                   37

133‑5..................... What this Subdivision is about......................................... 37

Operative provisions                                                                                               38

133‑10................... Determination of tax that is deferred to a debt account..... 38

133‑15................... Defined benefit tax............................................................ 39

133‑20................... How to attribute the defined benefit tax to defined benefit interests         40

133‑25................... Determination reducing tax deferred to a debt account...... 40

133‑30................... General provisions applying to determinations under this Subdivision    40

Subdivision 133‑B—Debt account                                                                        41

Guide to Subdivision 133‑B                                                                                   41

133‑55................... What this Subdivision is about......................................... 41

Operative provisions                                                                                               42

133‑60................... Debt account to be kept for deferred tax........................... 42

133‑65................... Interest on debt account balance........................................ 42

133‑70................... Voluntary payments.......................................................... 43

133‑75................... Commissioner must notify superannuation provider of debt account       44

Subdivision 133‑C—Compulsory payment                                                       44

Guide to Subdivision 133‑C                                                                                   44

133‑100................. What this Subdivision is about......................................... 44

Debt account discharge liability                                                                           45

133‑105................. Liability to pay debt account discharge liability................. 45

133‑110................. When debt account discharge liability must be paid.......... 45

133‑115................. General interest charge...................................................... 45

133‑120................. Meaning of debt account discharge liability..................... 46

133‑125................. Notice of debt account discharge liability.......................... 47

End benefit        47

133‑130................. Meaning of end benefit..................................................... 47

133‑135................. Superannuation provider may request debt account status 48

133‑140................. End benefit notice—superannuation provider................... 48

133‑145................. End benefit notice—material changes or omissions.......... 49

Division 135—Releasing money from superannuation                                  51

Guide to Division 135                                                                                              51

135‑1..................... What this Division is about............................................... 51

Subdivision 135‑A—When the Commissioner must issue a release authority                51

Guide to Subdivision 135‑A                                                                                   51

135‑5..................... What this Subdivision is about......................................... 51

Operative provisions                                                                                               52

135‑10................... Release authorities............................................................ 52

Subdivision 135‑B—When a release authority can be given to a superannuation provider       53

Guide to Subdivision 135‑B                                                                                   53

135‑35................... What this Subdivision is about......................................... 53

Operative provisions                                                                                               54

135‑40................... When you may give release authority to superannuation provider           54

Subdivision 135‑C—Release of superannuation money under a release authority       54

Guide to Subdivision 135‑C                                                                                   54

135‑70................... What this Subdivision is about......................................... 54

Operative provisions                                                                                               55

135‑75................... Requirement for superannuation provider to release money 55

135‑80................... Compensation for acquisition of property......................... 56

135‑85................... Release amount................................................................. 56

135‑90................... How the Commissioner applies amounts received under a release authority            57

135‑95................... Defined benefit interests—releasing amounts to pay debt account discharge liability              57

135‑100................. Income tax treatment of amounts released—proportioning rule does not apply       57

Division 136—Transfer balance cap                                                                  58

Guide to Division 136                                                                                              58

136‑1..................... What this Division is about............................................... 58

Subdivision 136‑A—Excess transfer balance determinations                      58

Guide to Subdivision 136‑A                                                                                   58

136‑5..................... What this Subdivision is about......................................... 58

Operative provisions                                                                                               59

136‑10................... Excess transfer balance determination............................... 59

136‑15................... Review.............................................................................. 60

136‑20................... Electing to commute a different superannuation income stream               60

136‑25................... Notifying Commissioner of transfer balance debits.......... 61

Subdivision 136‑B—Commutation authorities                                                 62

Guide to Subdivision 136‑B                                                                                   62

136‑50................... What this Subdivision is about......................................... 62

Obligations of Commissioner                                                                               63

136‑55................... Issuing of commutation authorities................................... 63

136‑60................... Varying and revoking a commutation authority................ 64

136‑65................... Issuing further commutation authorities............................ 64

136‑70................... Notifying of non‑commutable excess transfer balance...... 65

Obligations of superannuation income stream providers                             66

136‑80................... Obligations on superannuation income stream providers.. 66

136‑85................... Notifying the Commissioner............................................. 67

136‑90................... Notifying you................................................................... 67

Division 138—First home super saver scheme                                                 68

Guide to Division 138                                                                                              68

138‑1..................... What this Division is about............................................... 68

Subdivision 138‑A—First home super saver determination                         68

Guide to Subdivision 138‑A                                                                                   68

138‑5..................... What this Subdivision is about......................................... 68

Operative provisions                                                                                               69

138‑10................... First home super saver determination............................... 69

138‑15................... Review.............................................................................. 70

Subdivision 138‑B—FHSS maximum release amount                                   70

Guide to Subdivision 138‑B                                                                                   70

138‑20................... What this Subdivision is about......................................... 70

Operative provisions                                                                                               71

138‑25................... FHSS maximum release amount....................................... 71

138‑30................... FHSS releasable contributions amount............................. 71

138‑35................... Eligible contributions........................................................ 72

138‑40................... Associated earnings.......................................................... 74

Part 3‑30—Diverted profits tax                                                                            75

Division 145—Assessments of diverted profits tax                                          75

Guide to Division 145                                                                                              75

145‑1..................... What this Division is about............................................... 75

145‑5..................... DPT assessments—modified application of Division 155 75

145‑10................... When DPT assessments can be made............................... 76

145‑15................... Period of review of DPT assessments.............................. 76

145‑20................... Review of assessments..................................................... 77

145‑25................... Restricted DPT evidence................................................... 78

Chapter 4—Generic assessment, collection and recovery rules               81

Part 4‑1—Returns and assessments                                                                    81

Division 155—Assessments                                                                                    81

Guide to Division 155                                                                                              81

155‑1..................... What this Division is about............................................... 81

Subdivision 155‑A—Making assessments                                                          81

155‑5..................... Commissioner may make assessment............................... 82

155‑10................... Commissioner must give notice of assessment................. 83

155‑15................... Self‑assessment................................................................ 83

155‑20................... Assessment of indirect tax on importations and customs dealing             85

155‑25................... Special assessment............................................................ 86

155‑30................... Delays in making assessments.......................................... 86

Subdivision 155‑B—Amending assessments                                                      87

When Commissioner may amend assessments                                                 88

155‑35................... Amendment during period of review................................ 88

155‑40................... Amendment during period of review—certain applications taken to be notices       89

155‑45................... Amendment on application............................................... 90

155‑50................... Amendment to give effect to private ruling....................... 90

155‑55................... Amendment to give effect to certain anti‑avoidance declarations              91

155‑60................... Amendment because of review, objection or fraud........... 91

Special rules about amending amended assessments                                      91

155‑65................... Amending amended assessments...................................... 91

155‑70................... Refreshed period of review............................................... 92

General rules    92

155‑75................... Refunds of amounts overpaid........................................... 92

155‑80................... Amended assessments are assessments............................ 93

Subdivision 155‑C—Validity and review of assessments                               93

155‑85................... Validity of assessment...................................................... 93

155‑90................... Review of assessments..................................................... 94

Subdivision 155‑D—Miscellaneous                                                                     94

155‑95................... Entities.............................................................................. 94

Part 4‑15—Collection and recovery of tax‑related liabilities and other amounts           95

Division 250—Introduction                                                                                   95

Subdivision 250‑A—Guide to Part 4‑15                                                             95

250‑1..................... What this Part is about...................................................... 95

250‑5..................... Some important concepts about tax‑related liabilities........ 95

250‑10................... Summary of tax‑related liabilities...................................... 96

Subdivision 250‑B—Object of this Part                                                            106

250‑25................... Object............................................................................. 106

Division 255—General rules about collection and recovery                      107

Subdivision 255‑A—Tax‑related liabilities                                                     107

255‑1..................... Meaning of tax‑related liability....................................... 107

255‑5..................... Recovering a tax‑related liability that is due and payable 107

Subdivision 255‑B—Commissioner’s power to vary payment time          108

255‑10................... To defer the payment time............................................... 108

255‑15................... To permit payments by instalments................................. 109

255‑20................... To bring forward the payment time in certain cases........ 109

Subdivision 255‑C—Service of documents if person absent from Australia or cannot be found              110

Guide to Subdivision 255‑C                                                                                 110

255‑35................... What this Subdivision is about....................................... 110

Operative provisions                                                                                             110

255‑40................... Service of documents if person absent from Australia or cannot be found              110

Subdivision 255‑D—Security deposits                                                              111

255‑100................. Commissioner may require security deposit................... 111

255‑105................. Notice of requirement to give security............................ 112

255‑110................. Offence........................................................................... 113

255‑115................. Order to comply with requirement.................................. 113

255‑120................. Offence........................................................................... 114

Division 260—Special rules about collection and recovery                        115

Guide to Division 260                                                                                            115

260‑1..................... What this Division is about............................................. 115

Subdivision 260‑A—From third party                                                              115

260‑5..................... Commissioner may collect amounts from third party...... 116

260‑10................... Notice to Commonwealth, State or Territory.................. 117

260‑15................... Indemnity........................................................................ 118

260‑20................... Offence........................................................................... 118

Subdivision 260‑B—From liquidator                                                               118

260‑40................... Subdivision does not apply to superannuation guarantee charge              119

260‑45................... Liquidator’s obligation.................................................... 119

260‑50................... Offence........................................................................... 120

260‑55................... Joint liability of 2 or more liquidators............................. 120

260‑60................... Liquidator’s other obligation or liability.......................... 121

Subdivision 260‑C—From receiver                                                                   121

260‑75................... Receiver’s obligation...................................................... 121

260‑80................... Offence........................................................................... 122

260‑85................... Joint liability of 2 or more receivers................................ 123

260‑90................... Receiver’s other obligation or liability............................ 123

Subdivision 260‑D—From agent winding up business for foreign resident principal  123

260‑105................. Obligation of agent winding up business for foreign resident principal   123

260‑110................. Offence........................................................................... 124

260‑115................. Joint liability of 2 or more agents.................................... 124

260‑120................. Agent’s other obligation or liability................................ 125

Subdivision 260‑E—From deceased person’s estate                                     125

260‑140................. Administered estate......................................................... 125

260‑145................. Unadministered estate..................................................... 126

260‑150................. Commissioner may authorise amount to be recovered.... 127

Division 263—Mutual assistance in the administration of foreign tax laws 128

Subdivision 263‑A—Foreign revenue claims                                                  128

Guide to Subdivision 263‑A                                                                                 128

263‑5..................... What this Subdivision is about....................................... 128

Operative provisions                                                                                             129

263‑10................... Meaning of foreign revenue claim.................................. 129

263‑15................... Requirements for foreign revenue claims........................ 129

263‑20................... Foreign Revenue Claims Register................................... 130

263‑25................... Registering claims........................................................... 130

263‑30................... When amount is due and payable.................................... 130

263‑35................... Amending the Register etc.............................................. 131

263‑40................... Payment to competent authority...................................... 132

Subdivision 263‑B—Service of documents in Australia on behalf of foreign revenue authorities           133

Guide to Subdivision 263‑B                                                                                 133

263‑55................... What this Subdivision is about....................................... 133

Operative provisions                                                                                             133

263‑60................... Meaning of foreign service of document request............ 133

263‑65................... Service of document subject to foreign service of document request       134

Division 265—Other matters                                                                              135

Subdivision 265‑A—Right of person to seek recovery or contribution    135

Guide to Subdivision 265‑A                                                                                 135

265‑35................... What this Subdivision is about....................................... 135

Operative provisions                                                                                             135

265‑40................... Right of recovery if another person is liable................... 135

265‑45................... Right of contribution if persons are jointly liable............ 136

Subdivision 265‑B—Application of laws                                                          136

265‑65................... Non‑application of certain taxation laws......................... 136

Subdivision 265‑C—Direction to pay superannuation guarantee charge 137

Guide to Subdivision 265‑C                                                                                 137

265‑85................... What this Subdivision is about....................................... 137

265‑90................... Direction to pay superannuation guarantee charge.......... 137

265‑95................... Offence........................................................................... 139

265‑100................. Variation or revocation................................................... 139

265‑105................. Effect of liability being reduced or ceasing to exist......... 140

265‑110................. Taxation objection........................................................... 141

265‑115................. Extension of period to comply if taxation objection made 141

Division 268—Estimates                                                                                      143

Guide to Division 268                                                                                            143

268‑1..................... What this Division is about............................................. 143

Subdivision 268‑A—Object                                                                                  144

268‑5..................... Object of Division.......................................................... 144

Subdivision 268‑B—Making estimates                                                             144

268‑10................... Commissioner may make estimate.................................. 144

268‑15................... Notice of estimate........................................................... 146

Subdivision 268‑C—Liability to pay estimates                                              147

268‑20................... Nature of liability to pay estimate.................................... 147

268‑25................... Accuracy of estimate irrelevant to liability to pay............ 148

268‑30................... Estimate provable in bankruptcy or winding up.............. 149

Subdivision 268‑D—Reducing and revoking estimates                                150

268‑35................... How estimate may be reduced or revoked—Commissioner’s powers     150

268‑40................... How estimate may be reduced or revoked—statutory declaration or affidavit          152

268‑45................... How estimate may be reduced or revoked—rejection of proof of debt    154

268‑50................... How estimate may be reduced—amount paid or applied 156

268‑55................... When reduction or revocation takes effect...................... 156

268‑60................... Consequences of reduction or revocation—refund......... 157

268‑65................... Consequences of reduction or revocation—statutory demand changed or set aside 157

268‑70................... Consequences of reduction or revocation—underlying liability               158

Subdivision 268‑E—Late payment of estimates                                             158

268‑75................... Liability to pay the general interest charge...................... 158

268‑80................... Effect of paying the general interest charge..................... 159

Subdivision 268‑F—Miscellaneous                                                                    160

268‑85................... Effect of judgment on liability on which it is based........ 160

268‑90................... Requirements for statutory declaration or affidavit......... 161

268‑95................... Liquidators, receivers and trustees in bankruptcy........... 164

268‑100................. Division not to limit or exclude Corporations or Bankruptcy Act            166

Division 269—Penalties for directors of non‑complying companies       167

Guide to Division 269                                                                                            167

269‑1..................... What this Division is about............................................. 167

Subdivision 269‑A—Object and scope                                                              168

269‑5..................... Object of Division.......................................................... 168

269‑10................... Scope of Division........................................................... 168

Subdivision 269‑B—Obligations and penalties                                              171

269‑15................... Directors’ obligations..................................................... 171

269‑20................... Penalty............................................................................ 172

269‑25................... Notice............................................................................. 173

269‑30................... Effect on penalty of directors’ obligation ending before end of notice period          174

269‑35................... Defences......................................................................... 179

Subdivision 269‑C—Discharging liabilities                                                    181

269‑40................... Effect of director paying penalty or company discharging liability           182

269‑45................... Directors’ rights of indemnity and contribution.............. 182

Subdivision 269‑D—Miscellaneous                                                                   183

269‑50................... How notice may be given............................................... 183

269‑52................... Copies of notices............................................................ 183

269‑55................... Division not to limit or exclude Corporations Act.......... 184

Part 4‑25—Charges and penalties                                                                     185

Division 280—Shortfall interest charge                                                           185

Guide to Division 280                                                                                            185

280‑1..................... Guide to Division 280.................................................... 185

Subdivision 280‑A—Object of Division                                                            185

280‑50................... Object of Division.......................................................... 186

Subdivision 280‑B—Shortfall interest charge                                                186

280‑100................. Liability to shortfall interest charge—income tax............ 186

280‑101................. Liability to shortfall interest charge—excess exploration credit tax          188

280‑102................. Liability to shortfall interest charge—petroleum resource rent tax            188

280‑102A.............. Liability to shortfall interest charge—excess non‑concessional contributions tax    189

280‑102B.............. Liability to shortfall interest charge—Division 293 tax... 190

280‑102C.............. Liability to shortfall interest charge—diverted profits tax 192

280‑102D.............. Liability to shortfall interest charge—Laminaria and Corallina decommissioning levy            193

280‑103................. Liability to shortfall interest charge—general.................. 194

280‑105................. Amount of shortfall interest charge................................. 194

280‑110................. Notification by Commissioner........................................ 194

Subdivision 280‑C—Remitting shortfall interest charge                             195

280‑160................. Remitting shortfall interest charge................................... 195

280‑165................. Commissioner must give reasons for not remitting in certain cases         195

280‑170................. Objecting against remission decision.............................. 196

Division 284—Administrative penalties for statements, unarguable positions and schemes      197

Guide to Division 284                                                                                            197

284‑5..................... What this Division is about............................................. 197

Subdivision 284‑A—General provisions                                                          197

284‑10................... Object of Division.......................................................... 198

284‑15................... When a matter is reasonably arguable........................... 198

284‑20................... Which statements this Division applies to....................... 199

284‑25................... Statements by agents....................................................... 199

284‑30................... Application of Division to trusts..................................... 199

284‑35................... Application of Division to partnerships.......................... 199

Subdivision 284‑B—Penalties relating to statements                                    200

Guide to Subdivision 284‑B                                                                                 200

284‑70................... What this Subdivision is about....................................... 200

Operative provisions                                                                                             201

284‑75................... Liability to penalty.......................................................... 201

284‑80................... Shortfall amounts........................................................... 204

284‑85................... Amount of penalty.......................................................... 206

284‑90................... Base penalty amount....................................................... 207

284‑95................... Joint and several liability of directors of corporate trustee that makes a false or misleading statement     211

Subdivision 284‑C—Penalties relating to schemes                                        212

Guide to Subdivision 284‑C                                                                                 212

284‑140................. What this Subdivision is about....................................... 212

Operative provisions                                                                                             212

284‑145................. Liability to penalty.......................................................... 212

284‑150................. Scheme benefits and scheme shortfall amounts.............. 214

284‑155................. Amount of penalty.......................................................... 216

284‑160................. Base penalty amount: schemes....................................... 217

284‑165................. Exception—threshold for penalty arising from cross‑border transfer pricing          218

Subdivision 284‑D—Provisions common to Subdivisions 284‑B and 284‑C 219

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

284‑224................. Reduction of base penalty amount if law was applied in an accepted way               221

284‑225................. Reduction of base penalty amount if you voluntarily tell the Commissioner            221

Subdivision 284‑E—Special rules about unarguable positions for cross‑border transfer pricing           223

284‑250................. Undocumented transfer pricing treatment not reasonably arguable          223

284‑255................. Documentation requirements.......................................... 223

Division 286—Penalties for failing to lodge documents on time               225

Subdivision 286‑A—Guide to Division 286                                                     225

286‑1..................... What this Division is about............................................. 225

Subdivision 286‑B—Object of Division                                                            225

286‑25................... Object of Division.......................................................... 225

Subdivision 286‑C—Penalties for failing to lodge documents on time    226

286‑75................... Liability to penalty.......................................................... 226

286‑80................... Amount of penalty.......................................................... 228

Division 288—Miscellaneous administrative penalties                                232

288‑10................... Penalty for non‑electronic notification............................ 232

288‑20................... Penalty for non‑electronic payment................................. 233

288‑25................... Penalty for failure to keep or retain records.................... 233

288‑30................... Penalty for failure to retain or produce declarations........ 234

288‑35................... Penalty for preventing access etc.................................... 234

288‑40................... Penalty for failing to register or cancel registration......... 235

288‑45................... Penalty for failing to issue tax invoice etc....................... 235

288‑46................... Penalty for failing to ensure tax information about supplies of low value goods is included in customs documents....................................................................... 235

288‑50................... Penalty for both principal and agent issuing certain documents               236

288‑70................... Administrative penalties for life insurance companies.... 236

288‑75................... Administrative penalty for a copyright or resale royalty collecting society               238

288‑80................... Administrative penalty for over declaring conduit foreign income           238

288‑85................... Failure by Reporting Financial Institution to obtain self‑certification       239

288‑95................... Failing to comply etc. with release authority................... 240

288‑100................. Excess money paid under release authority..................... 241

288‑105................. Superannuation provider to calculate crystallised pre‑July 83 amount of superannuation interest by 30 June 2008................................................................................ 241

288‑110................. Contravention of superannuation data and payment regulation or standard              242

288‑115................. AMIT under or over resulting from intentional disregard of or recklessness as to taxation law              243

288‑120................. Prohibited offsets of liabilities using interest etc. accrued on farm management deposits        245

288‑125................. Producing or supplying electronic sales suppression tools 246

288‑130................. Possessing electronic sales suppression tools................. 246

288‑135................. Incorrectly keeping records using electronic sales suppression tools       247

Division 290—Promotion and implementation of schemes                        248

Subdivision 290‑A—Preliminary                                                                       248

290‑5..................... Objects of this Division.................................................. 248

290‑10................... Extra‑territorial application.............................................. 248

Subdivision 290‑B—Civil penalties                                                                   248

290‑50................... Civil penalties................................................................. 249

290‑55................... Exceptions...................................................................... 251

290‑60................... Meaning of promoter..................................................... 253

290‑65................... Meaning of tax exploitation scheme................................ 253

Subdivision 290‑C—Injunctions                                                                         254

290‑120................. Conduct to which this Subdivision applies..................... 255

290‑125................. Injunctions...................................................................... 255

290‑130................. Interim injunctions.......................................................... 255

290‑135................. Delay in making ruling................................................... 255

290‑140................. Discharge etc. of injunctions........................................... 256

290‑145................. Certain limits on granting injunctions not to apply.......... 256

290‑150................. Other powers of the Federal Court unaffected................ 257

Subdivision 290‑D—Voluntary undertakings                                                 257

290‑200................. Voluntary undertakings.................................................. 257

Division 295—Miscellaneous civil penalties                                                   258

Subdivision 295‑B—Civil penalty for possession of tobacco without relevant documentation 258

Guide to Subdivision 295‑B                                                                                 258

295‑70................... What this Subdivision is about....................................... 258

295‑75................... Possession of tobacco without relevant documentation etc. 259

295‑80................... Things treated as tobacco................................................ 261

Division 298—Machinery provisions for penalties                                       262

Subdivision 298‑A—Administrative penalties                                                262

298‑5..................... Scope of Subdivision...................................................... 262

298‑10................... Notification of liability.................................................... 262

298‑15................... Due date for penalty........................................................ 263

298‑20................... Remission of penalty...................................................... 263

298‑25................... General interest charge on unpaid penalty....................... 263

298‑30................... Assessment of penalties under Division 284 or section 288‑115             264

Subdivision 298‑B—Civil penalties                                                                   264

298‑80................... Application of Subdivision............................................. 264

298‑85................... Civil evidence and procedure rules for civil penalty orders 265

298‑90................... Civil proceedings after criminal proceedings.................. 265

298‑95................... Criminal proceedings during civil proceedings............... 265

298‑100................. Criminal proceedings after civil proceedings.................. 265

298‑105................. Evidence given in proceedings for penalty not admissible in criminal proceedings  266

298‑110................. Civil double jeopardy...................................................... 266

Part 4‑30—Offences and prosecutions                                                            267

Division 308—Offences relating to tobacco                                                    267

Guide to Division 308                                                                                            267

308‑1..................... What this Division is about............................................. 267

Subdivision 308‑A—Reasonable suspicion offences relating to tobacco 267

Guide to Subdivision 308‑A                                                                                 267

308‑5..................... What this Subdivision is about....................................... 267

308‑10................... Possession of tobacco (500 kilograms or above)—reasonable suspicion offence    268

308‑15................... Possession of tobacco (100 kilograms or above)—reasonable suspicion offence    271

308‑20................... Possession of tobacco (5 kg or above)—reasonable suspicion offence   274

308‑25................... Sale of tobacco (500 kilograms or above)—reasonable suspicion offence               276

308‑30................... Sale of tobacco (100 kilograms or above)—reasonable suspicion offence               279

308‑35................... Sale of tobacco (5 kg or above)—reasonable suspicion offence              281

308‑40................... Buying of tobacco (500 kilograms or above)—reasonable suspicion offence          284

308‑45................... Buying of tobacco (100 kilograms or above)—reasonable suspicion offence          287

308‑50................... Buying of tobacco (5 kg or above)—reasonable suspicion offence         289

308‑55................... Matters taken to satisfy “reasonable to suspect” requirement 292

Subdivision 308‑B—Fault‑based offences of possession, production and manufacture              294

Guide to Subdivision 308‑B                                                                                 294

308‑105................. What this Subdivision is about....................................... 294

308‑110................. Possession of tobacco (500 kg or above)—fault‑based offence               295

308‑115................. Possession of tobacco (100 kg or above)—fault‑based offence               297

308‑120................. Possession of tobacco (5 kg or above)—fault‑based offence.. 300

308‑125................. Manufacture or production of tobacco (500 kg or above)—fault‑based offence      302

308‑130................. Manufacture or production of tobacco (100 kg or above)—fault‑based offence      304

308‑135................. Manufacture or production of tobacco (5 kg or above)—fault‑based offence          306

Subdivision 308‑C—Offences relating to equipment relating to the manufacture or production of tobacco        309

Guide to Subdivision 308‑C                                                                                 309

308‑200................. What this Subdivision is about....................................... 309

308‑205................. Possession of equipment for use in illegal manufacture or production of tobacco   309

308‑210................. Possession of equipment designed or adapted to manufacture or produce tobacco  310

Subdivision 308‑E—Other provisions                                                              311

Guide to Subdivision 308‑E                                                                                 311

308‑500................. What this Subdivision is about....................................... 311

308‑505................. Things treated as tobacco................................................ 312

308‑510................. Matters treated as possession.......................................... 312

308‑515................. Where excise duty or customs duty is treated as not payable for the purpose of the reasonable suspicion offences.......................................................................... 312

308‑520................. Section 8ZD does not apply to this Division.................. 313

Part 4‑50—Release from particular liabilities                                            314

Division 340Commissioner’s power in cases of hardship                        314

Guide to Division 340                                                                                            314

340‑1..................... What this Division is about............................................. 314

Operative provisions                                                                                             314

340‑5..................... Release from particular liabilities in cases of serious hardship 314

340‑10................... Liabilities to which this section applies........................... 316

340‑15................... Commissioner may take action to give effect to a release decision           317

340‑20................... Extinguishing your liability to pay a fringe benefits tax instalment if you are released             318

340‑25................... Extinguishing your liability to pay a PAYG instalment if you are released              318

Division 342Commissioner’s power relating to proceeds of crime proceedings       320

Guide to Division 342                                                                                            320

342‑1..................... What this Division is about............................................. 320

Subdivision 342‑A—Power to waive right to payment of tax‑related liabilities            320

342‑5..................... Object of this Subdivision.............................................. 320

342‑10................... Power to waive right to payment of tax‑related liability.. 321

Part 4‑90—Evidence                                                                                                 323

Division 350—Evidence                                                                                       323

Guide to Division 350                                                                                            323

350‑1..................... What this Division is about............................................. 323

Subdivision 350‑A—Evidence                                                                             323

350‑5..................... Application of Subdivision............................................. 323

350‑10................... Evidence......................................................................... 324

350‑12................... Prima facie evidence—particulars stated in evidentiary certificate            326

350‑15................... Judicial notice of signature.............................................. 327

350‑20................... Certain statements or averments in proceedings to recover tax‑related liabilities      327

350‑25................... Evidence by affidavit in proceedings to recover tax‑related liabilities       328

Chapter 5—Administration                                                                                         329

Part 5‑1—The Australian Taxation Office                                                   329

Division 352—Commissioner’s reporting obligations                                 329

Guide to Division 352                                                                                            329

352‑1..................... What this Division is about............................................. 329

Subdivision 352‑A—Accountability of the Commissioner in respect of indirect tax laws           329

352‑5..................... Commissioner must prepare annual report on indirect tax laws               329

Subdivision 352‑C—Reporting on working holiday makers                      330

352‑25................... Commissioner must prepare annual report on working holiday makers   330

Division 353—Powers to obtain information and evidence                        331

Guide to Division 353                                                                                            331

353‑1..................... What this Division is about............................................. 331

Subdivision 353‑A—Powers to obtain information and evidence             331

353‑10................... Commissioner’s power................................................... 331

353‑15................... Access to premises, documents etc................................. 332

353‑20................... Checking status of specifically listed deductible gift recipients                333

Subdivision 353‑B—Powers to obtain information and evidence from overseas          335

353‑25................... Offshore information notices.......................................... 335

353‑30................... Offshore information notices—consequence of not complying               337

Division 354—Power to obtain information about rights or interests in property       339

354‑5..................... Power to obtain information about rights or interests in property            339

Division 355—Confidentiality of taxpayer information                             341

Guide to Division 355                                                                                            341

355‑1..................... What this Division is about............................................. 341

Subdivision 355‑A—Objects and application of Division                            342

355‑10................... Objects of Division......................................................... 342

355‑15................... Application of Division.................................................. 342

Subdivision 355‑B—Disclosure of protected information by taxation officers             343

Guide to Subdivision 355‑B                                                                                 343

355‑20................... What this Subdivision is about....................................... 343

Operative provisions                                                                                             344

355‑25................... Offence—disclosure of protected information by taxation officers          344

355‑30................... Meaning of protected information and taxation officer... 345

355‑35................... Consent is not a defence................................................. 346

355‑40................... Generality of Subdivision not limited............................. 346

355‑45................... Exception—disclosure of publicly available information 346

355‑47................... Exception—disclosure of periodic aggregate tax information  346

355‑50................... Exception—disclosure in performing duties................... 347

355‑55................... Exception—disclosure to Ministers................................ 349

355‑60................... Limits on disclosure to Ministers.................................... 351

355‑65................... Exception—disclosure for other government purposes.. 352

355‑67................... Exception—disclosure to registrars................................ 369

355‑70................... Exception—disclosure for law enforcement and related purposes           370

355‑72................... Exception—disclosure to credit reporting bureaus.......... 376

355‑75................... Limits on disclosure to courts and tribunals.................... 379

Subdivision 355‑C—On‑disclosure of protected information by other people               379

Guide to Subdivision 355‑C                                                                                 379

355‑150................. What this Subdivision is about....................................... 379

Operative provisions                                                                                             380

355‑155................. Offence—on‑disclosure of protected information by other people           380

355‑160................. Consent is not a defence................................................. 381

355‑165................. Generality of Subdivision not limited............................. 381

355‑170................. Exception—on‑disclosure of publicly available information 381

355‑172................. Exception—disclosure of periodic aggregate tax information  381

355‑175................. Exception—on‑disclosure for original purpose.............. 381

355‑180................. Exception—on‑disclosure to Ministers in relation to statutory powers or functions                383

355‑182................. Exception—on‑disclosure of certain information to Commonwealth Ombudsman  383

355‑185................. Exception—on‑disclosure in relation to IGIS................. 384

355‑190................. Exception—on‑disclosure in relation to ASIO............... 385

355‑195................. Exception—on‑disclosure by Royal Commissions......... 386

355‑200................. Exception—records made in compliance with Australian laws                387

355‑205................. Limits on on‑disclosure to courts or tribunals................. 387

355‑210................. Limits on on‑disclosure to Ministers.............................. 387

355‑215................. Exception—on‑disclosure of information disclosed to credit reporting bureaus      388

Subdivision 355‑D—Disclosure of protected information that has been unlawfully acquired   388

Guide to Subdivision 355‑D                                                                                 388

355‑260................. What this Subdivision is about....................................... 388

Operative provisions                                                                                             389

355‑265................. Offence—disclosure of protected information acquired in breach of a taxation law 389

355‑270................. Exception—disclosure of publicly available information 389

355‑275................. Exception—disclosure in relation to a taxation law......... 390

355‑280................. Limits on disclosure to courts and tribunals.................... 390

Subdivision 355‑E—Other matters                                                                    390

Guide to Subdivision 355‑E                                                                                 390

355‑320................. What this Subdivision is about....................................... 390

Operative provisions                                                                                             391

355‑325................. Oath or affirmation to protect information...................... 391

355‑330................. Injunctions to prevent contravention of non‑disclosure provisions          391

355‑335................. Procedures for disclosing protected information............. 393

Division 356—General administration of tax laws                                       395

Guide to Division 356                                                                                            395

356‑1..................... What this Division is about............................................. 395

Subdivision 356‑A—Indirect tax laws                                                               395

356‑5..................... Commissioner has general administration of indirect tax laws 395

Subdivision 356‑B—Major bank levy                                                               395

356‑10................... Commissioner has general administration of major bank levy 396

Subdivision 356‑C—Laminaria and Corallina decommissioning levy   396

356‑15................... Commissioner has general administration of Laminaria and Corallina decommissioning levy 396

Part 5‑5—Rulings                                                                                                       397

Division 357—Object and common rules                                                         397

Guide to Division 357                                                                                            397

357‑1..................... What this Division is about............................................. 397

Subdivision 357‑A—Object of this Part                                                            397

357‑5..................... Object of this Part........................................................... 398

Subdivision 357‑B—Common rules for rulings                                             399

Rules for all rulings                                                                                               399

357‑50................... Scope of Division........................................................... 399

357‑55................... The provisions that are relevant for rulings..................... 400

357‑60................... When rulings are binding on the Commissioner............. 400

357‑65................... Stopping relying on a ruling........................................... 403

357‑70................... Commissioner may apply the law if more favourable than the ruling       404

357‑75................... Inconsistent rulings......................................................... 404

357‑80................... Contracts for schemes..................................................... 406

357‑85................... Effect on ruling if relevant provision re‑enacted............. 406

357‑90................... Validity of ruling not affected by formal defect.............. 406

Common rules for public and private rulings                                                407

357‑95................... Electronic communications............................................. 407

Common rules for private and oral rulings                                                    407

357‑105................. Further information must be sought................................ 407

357‑110................. Assumptions in making private or oral ruling................. 407

357‑115................. Additional information provided by applicant................. 408

357‑120................. Commissioner may take into account information from third parties       408

357‑125................. Applications and objections not to affect obligations and powers            408

Division 358—Public rulings                                                                              410

Guide to Division 358                                                                                            410

358‑1..................... What this Division is about............................................. 410

Making public rulings                                                                                           410

358‑5..................... What is a public ruling?.................................................. 410

358‑10................... Application of public rulings.......................................... 411

358‑15................... When a public ruling ceases to apply.............................. 411

Withdrawing public rulings                                                                                 412

358‑20................... Withdrawing public rulings............................................ 412

Division 359—Private rulings                                                                            413

Guide to Division 359                                                                                            413

359‑1..................... What this Division is about............................................. 413

Private rulings 414

359‑5..................... Private rulings................................................................. 414

359‑10................... Applying for a private ruling.......................................... 414

359‑15................... Private rulings to be given to applicants.......................... 414

359‑20................... Private rulings must contain certain details..................... 414

359‑25................... Time of application of private rulings............................. 415

359‑30................... Ruling for trustee of a trust............................................. 415

359‑35................... Dealing with applications................................................ 416

359‑40................... Valuations....................................................................... 416

359‑45................... Related rulings................................................................ 417

359‑50................... Delays in making private rulings.................................... 418

359‑55................... Revised private rulings................................................... 419

359‑60................... Objections, reviews and appeals relating to private rulings 420

359‑65................... Commissioner may consider new information on objection 421

359‑70................... Successful objection decision alters ruling...................... 421

Division 360—Oral rulings                                                                                 422

Guide to Division 360                                                                                            422

360‑1..................... What this Division is about............................................. 422

Oral rulings      422

360‑5..................... Applying for and making of oral rulings........................ 422

360‑10................... Withdrawing an application for an oral ruling................. 424

360‑15................... Commissioner determinations......................................... 424

Division 361—Non‑ruling advice and general administrative practice  425

361‑5..................... Non‑ruling advice and general administrative practice.... 425

Division 362—Rulings by Industry Innovation and Science Australia that activities are not ineligible activities                                                                                                       426

Guide to Division 362                                                                                            426

362‑1..................... What this Division is about............................................. 426

Public rulings by Industry Innovation and Science Australia                    427

362‑5..................... Industry Innovation and Science Australia may make public rulings on a specified class of activities     427

362‑10................... Application of public rulings.......................................... 428

362‑15................... When a public ruling ceases to apply.............................. 428

362‑20................... Withdrawing public rulings............................................ 428

Private rulings by Industry Innovation and Science Australia                  428

362‑25................... Industry Innovation and Science Australia may make private rulings on a specified activity   428

362‑30................... Applying for a private ruling.......................................... 429

362‑35................... Industry Innovation and Science Australia must give notice of its decision             429

362‑40................... Private rulings must contain certain details..................... 430

362‑45................... Application of private rulings......................................... 430

362‑50................... Delays in making private rulings.................................... 430

362‑55................... When a private ruling ceases to apply............................. 432

362‑60................... Withdrawing private rulings........................................... 432

General provisions                                                                                                 432

362‑65................... When rulings are binding on the Commissioner and Industry Innovation and Science Australia            432

362‑70................... Application of common rules under Subdivision 357‑B. 433

362‑75................... Application of Divisions 358 and 359............................ 433

Part 5‑10—Commissioner’s remedial power                                               434

Division 370—Commissioner’s remedial power                                            434

Guide to Division 370                                                                                            434

370‑1..................... What this Division is about............................................. 434

Subdivision 370‑A—Commissioner’s remedial power                                 435

370‑5..................... Commissioner’s remedial power.................................... 435

370‑10................... Intended purpose or object.............................................. 436

370‑15................... Repeal of determinations................................................. 437

370‑20................... Commencement of determinations.................................. 437

Part 5‑25—Record‑keeping and other obligations relating to taxpayers            438

Division 382—Record‑keeping                                                                           438

Guide to Division 382                                                                                            438

382‑1..................... What this Division is about............................................. 438

Subdivision 382‑A—Keeping records of indirect tax transactions           438

382‑5..................... Keeping records of indirect tax transactions.................... 438

Subdivision 382‑B—Record keeping obligations of deductible gift recipients               442

382‑15................... Deductible gift recipients to keep records....................... 442

Division 384—Education directions                                                                  444

Guide to Division 384                                                                                            444

384‑5..................... What this Division is about............................................. 444

384‑10................... When an education direction may be given..................... 444

384‑15................... Education direction......................................................... 445

384‑20................... Approval of courses of education................................... 446

384‑25................... Costs of course of education........................................... 447

384‑30................... Variation or revocation on Commissioner’s own initiative 447

384‑35................... Variation on request........................................................ 447

384‑40................... Taxation objection........................................................... 448

Division 388—Requirements about giving material to the Commissioner 449

Subdivision 388‑A—Object of Division                                                            449

388‑5..................... Object of Division.......................................................... 449

Subdivision 388‑B—General provisions                                                          449

388‑50................... Approved forms............................................................. 449

388‑52................... Saturdays, Sundays and public holidays......................... 450

388‑55................... Commissioner may defer time for lodgment................... 450

388‑60................... Declaration by entity....................................................... 451

388‑65................... Declaration by entity where agent gives document......... 451

388‑70................... Declaration by agent....................................................... 452

388‑75................... Signing declarations........................................................ 452

388‑80................... Electronic notification of BAS amounts.......................... 453

388‑85................... Truncating amounts........................................................ 453

Division 389—Reporting by employers                                                           454

Guide to Division 389                                                                                            454

389‑1..................... What this Division is about............................................. 454

389‑5..................... Required reporting by employers.................................... 454

389‑10................... Exemptions..................................................................... 457

389‑15................... Voluntary reporting by employers in relation to taxation laws 458

389‑20................... Effect on reporting requirements under Subdivision 16‑C 458

389‑25................... Grace periods for correcting false or misleading notifications  459

389‑30................... Voluntary reporting by employers in relation to child support laws         460

Division 390Superannuation reporting                                                        463

Guide to Division 390                                                                                            463

390‑1..................... What this Division is about............................................. 463

Subdivision 390‑A—Member information statements and roll‑over superannuation benefit statements               463

390‑5..................... Member information statements...................................... 463

390‑7..................... Grace periods for correcting false or misleading member information statements    466

390‑10................... Statements about roll‑over superannuation benefits etc... 467

390‑12................... Statements about benefits paid to KiwiSaver schemes.... 469

390‑15................... Superannuation statements to members.......................... 470

390‑20................... Statements relating to holders of certain life insurance policies                471

Subdivision 390‑BStatements relating to release authorities                 472

390‑65................... Statements relating to release authorities......................... 472

Subdivision 390‑COther statements                                                              474

390‑115................. Change or omission in information given to the Commissioner               474

Division 392—Employee share scheme reporting                                         475

Guide to Division 392                                                                                            475

392‑1..................... What this Division is about............................................. 475

Subdivision 392‑A—Statements                                                                          475

392‑5..................... Statements by providers.................................................. 475

392‑10................... Change or omission in information given to the Commissioner               478

Subdivision 392‑B—Miscellaneous                                                                   479

392‑15................... Application of certain provisions of Division 83A of the Income Tax Assessment Act 1997  479

Division 393—Reports by investment bodies                                                  480

Guide to Division 393                                                                                            480

393‑1..................... What this Division is about............................................. 480

393‑5..................... Reports about quoting tax file numbers and ABNs........ 480

393‑10................... Annual investment income reports.................................. 481

393‑15................... Errors in reports.............................................................. 482

Division 394Reporting about forestry managed investment schemes  483

Guide to Division 394                                                                                            483

394‑1..................... What this Division is about............................................. 483

394‑5..................... Statements about initial contributions to scheme............. 483

394‑10................... Statements about failure to establish trees within 18 months 484

Division 396—Third party reporting                                                               486

Guide to Division 396                                                                                            486

396‑1A.................. What this Division is about............................................. 486

Subdivision 396‑A—FATCA                                                                               486

Guide to Subdivision 396‑A                                                                                 486

396‑1..................... What this Subdivision is about....................................... 486

Operative provisions                                                                                             487

396‑5..................... Statements about U.S. Reportable Accounts................... 487

396‑10................... Statements about payments to Nonparticipating Financial Institutions     488

396‑15................... Meaning of the FATCA Agreement................................. 489

396‑20................... Permissions and elections............................................... 489

396‑25................... Record keeping............................................................... 490

Subdivision 396‑B—Information about transactions that could have tax consequences for taxpayers  491

Guide to Subdivision 396‑B                                                                                 491

396‑50................... What this Subdivision is about....................................... 491

Operative provisions                                                                                             491

396‑55................... Reporting tax‑related information about transactions to the Commissioner              491

396‑60................... Information required....................................................... 495

396‑65................... Exemptions—wholesale clients...................................... 496

396‑70................... Exemptions—other cases................................................ 497

396‑75................... Errors in reports.............................................................. 497

Subdivision 396‑C—Common Reporting Standard                                      498

Guide to Subdivision 396‑C                                                                                 498

396‑100................. What this Subdivision is about....................................... 498

Operative provisions                                                                                             499

396‑105................. Statements about Reportable Accounts........................... 499

396‑110................. Meaning of CRS............................................................. 500

396‑115................. Matters Common Reporting Standard leaves to domestic law 501

396‑120................. Application of Common Reporting Standard.................. 502

396‑125................. Record keeping............................................................... 503

396‑130................. Anti‑avoidance provisions.............................................. 504

396‑135................. Application of penalty to false or misleading self‑certification 506

396‑136................. Report on Reportable Accounts maintained by Australian Reporting Financial Institutions    506

Division 398—Miscellaneous reporting obligations                                     508

Guide to Division 398                                                                                            508

398‑1..................... What this Division is about............................................. 508

Subdivision 398‑A—Farm Management Deposit reporting                        508

398‑5..................... Reporting to Agriculture Department.............................. 508

Part 5‑30—Payment, ABN and identification verification system   510

Division 400—Guide to Part 5‑30