60‑3 Object of this Division60‑3 Object of this Division

60‑3 Object of this Division

(1) The object of this Division is to promote: (a) the transparency and accountability of registered entities; and (b) the reduction of reporting obligations of registered entities under other Australian laws. (2) The Division does this by requiring registered entities to provide information to the Commissioner that: (a) relates to this Act or the taxation law; and (b) the Commissioner: (i) will use for the purposes of this Act; or (ii) may pass on to other Australian government agencies, removing the need for those agencies to require the information from the registered entities; or (iii) will make publicly available by publishing it on the Register.

Note 1: Other Australian laws provide that giving information to the Commissioner in accordance with this Act satisfies the reporting requirements of those laws.

Note 2: Division 40 limits the information the Commissioner may publish on the Register.

(3) The requirements this Division places on a registered entity are proportional to the size of the registered entity.