12Returns in respect of taxable debits

12 Returns in respect of taxable debits

(1) If, in any month, a taxable debit is made to a taxable account kept with a financial institution, the financial institution shall, not later than 14 days after the end of that month or such later date as the Commissioner allows, furnish to the Commissioner a return, or, where subsection (3) applies, returns, relating to all taxable debits made during that month to taxable accounts kept with the financial institution. (2) Subsection (1) does not apply in relation to a taxable debit made before the date fixed by Proclamation under paragraph 4(a) of the Bank Account Debits Tax Act 1982. (3) A financial institution may, with the consent of the Commissioner, furnish separate returns under subsection (1) in relation to taxable debits made to taxable accounts kept with a particular branch or branches of the financial institution. (4) Where the Commissioner has reason to believe that an account holder is liable to pay tax by virtue of subsection 8(2) in respect of an eligible debit or eligible debits made to an account, the Commissioner may, by notice in writing, require that account holder to furnish to him, within a time specified in the notice, not being a time earlier than 21 days after the day on which the notice is given, a return relating to all eligible debits in respect of which that account holder is liable to pay tax by virtue of subsection 8(2) during the period specified in the notice. (6) A return under this section shall be in accordance with a form approved by the Commissioner and shall contain such particulars as are required by the form.