{"id":"F2023L00361","name":"Taxation Administration (Exemption from Providing Payment Summaries to Passbook Account Holders) Legislative Instrument 2023","slug":"taxation-administration-exemption-from-providing-payment-summaries-to-passbook-account-holders-legis","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":441791,"registerId":"F2023L00361-fast-fetch-1775957000558","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Taxation Administration (Exemption from Providing Payment Summaries to Passbook Account Holders) Legislative Instrument 2023","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\nmeta-generator: Aspose.Words for .NET 22.10.0\n---\n\n?xml version=\"1.0\" encoding=\"utf-8\" standalone=\"no\"?>\n\n![The ATO logo containing the Federal Government crest and the words Australian Taxation Office.](image.001.png)\n\n \n\nTaxation Administration (Exemption from Providing Payment Summaries to Passbook Account Holders) Legislative Instrument 2023\n\nI, Ben Kelly, Deputy Commissioner of Taxation, make the following legislative instrument.\n\nDated 28/02/2023\n\nBen Kelly\n\nDeputy Commissioner of Taxation\n\n \n\n \n\n \n\nContents\n\n1  Name\n\n2  Commencement\n\n3  Authority\n\n4  Definitions\n\n5  Schedules\n\n6  Exemption\n\nSchedule 1—Repeals\n\nNotice of exemption from providing payment summaries to passbook account holders (30/11/2012) (F2012L02333)\n\n1  Name\n\n  This instrument is the Taxation Administration (Exemption from Providing Payment Summaries to Passbook Account Holders) Legislative Instrument 2023.\n\n2  Commencement\n\n (1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.\n\n \n\n- Commencement information\n- Column 1 Column 2 Column 3\n- Provisions Commencement Date/Details\n- 1. The whole of this instrument The day after this instrument is registered.\n\n\nNote: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.\n\n (2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.\n\n3  Authority\n\n  This instrument is made under section 16-180 of Schedule 1 to the Act.\n\n4  Definitions\n\n  In this instrument:\n\nAct means the Taxation Administration Act 1953.\n\npassbook account provider means an entity that provides a passbook account (such as a bank, financial institution, building society or credit union).\n\npassbook account means a type of account provided by a passbook account provider, where the account holder is given a physical document known as a passbook, in which account transactions and information (such as deposits, withdrawals, interest and balances) are recorded.\n\n5  Schedules\n\n  Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.\n\n6  Exemption\n\n (1) A passbook account provider is exempt from the requirement in section 16-155 of Schedule 1 to the Act to give a payment summary for a financial year to a passbook account holder if:\n\n (a) the payment summary is in respect of a passbook account;\n\n (b) at any time during that financial year, the passbook account was open or in use; and\n\n (c) the payment summary is in respect of a payment to the passbook account from which:\n\n (i) an amount must be withheld under Subdivision 12-E (Payments where TFN or ABN not quoted); or\n\n (ii) an amount must be withheld under Subdivision 12-F (Dividend, interest and royalty payments).\n\n (2) Subsection (1) does not apply if the passbook account holder requests a payment summary.\n\n\n\n\n \n\nSchedule 1—Repeals\n\nNotice of exemption from providing payment summaries to passbook account holders (30/11/2012) (F2012L02333)\n\n1  The whole of the instrument\n\nRepeal the instrument\n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument maintains the same narrow scope as its 2012 predecessor. It continues to provide a specific, limited exemption for passbook account providers from payment summary obligations. The 2023 version appears to be a straightforward re-enactment or remaking of the instrument to ensure continuity, without expansion into new areas or account types."},"complexity_factors":["Only 6 substantive sections plus a repeal schedule","Just 2 defined terms ('Act' and 'passbook account provider')","Single exemption condition with 3 straightforward criteria (a), (b), (c)","One simple exception to the exemption in subsection (2)","No cross-references to other legislation beyond the basic enabling provision (section 16-180) and the withholding provisions (Subdivisions 12-E and 12-F)","No nested conditions or complex temporal provisions","Total length is approximately 2 pages"],"plain_english_summary":"This instrument exempts banks, credit unions and building societies from issuing annual payment summaries to holders of passbook accounts when tax has been withheld (e.g., for missing TFNs/ABNs or certain interest/dividend/royalty payments). The exemption is automatic but requires the institution to provide a summary if the account holder requests one.\n\nIt replaces the 2012 exemption, reducing paperwork for institutions while preserving taxpayer access to records."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This instrument repeals the 2012 notice and sets out the exemption conditions in s6. Based on the instrument’s text, it maintains a narrowly defined exemption limited to passbook accounts and withholding under Subdivisions 12‑E and 12‑F, without expanding or narrowing scope beyond those conditions (see s6 and Schedule 1)."},"complexity_factors":["Narrow, single-purpose instrument: creates a specific exemption rather than a broad regulatory framework (s6).","Cross-references to external provisions in the Taxation Administration Act 1953 (notably s16-155 and s16-180) require reading the Act to understand full legal effect (s3; s6(1)).","Relies on tax withholding rules in Subdivisions 12-E and 12-F, so interpretation depends on those substantive withholding provisions (s6(1)(c)(i)–(ii)).","Conditional exemption: applies only to passbook accounts that were open or in use during the financial year, and only where the payment relates to specified withholding obligations (s4; s6(1)).","Limited procedural caveat: exemption does not apply if the account holder requests a payment summary, creating a simple opt-in compliance route for holders (s6(2)).","Includes an express repeal of a prior 2012 instrument, so users must reconcile historical instruments with the new instrument (Schedule 1)."],"plain_english_summary":"This instrument exempts passbook account providers (for example, banks, building societies or credit unions) from the obligation to give a payment summary under section 16-155 for payments into passbook accounts when an amount must be withheld under Subdivision 12‑E or 12‑F (s6(1); definitions at s4). A passbook account holder can still request a payment summary (s6(2)). The exemption is made under s16‑180 (s3) and repeals the earlier 2012 notice (Schedule 1)."}},"importantCases":[],"_links":{"self":"/api/acts/taxation-administration-exemption-from-providing-payment-summaries-to-passbook-account-holders-legis","history":"/api/acts/taxation-administration-exemption-from-providing-payment-summaries-to-passbook-account-holders-legis/history","analysis":"/api/acts/taxation-administration-exemption-from-providing-payment-summaries-to-passbook-account-holders-legis/analysis","conflicts":"/api/acts/taxation-administration-exemption-from-providing-payment-summaries-to-passbook-account-holders-legis/conflicts","importantCases":"/api/acts/taxation-administration-exemption-from-providing-payment-summaries-to-passbook-account-holders-legis/important-cases","documents":"/api/acts/taxation-administration-exemption-from-providing-payment-summaries-to-passbook-account-holders-legis/documents"}}