Commonwealth legislation

Notice of exemption from providing payment summaries to passbook account holders (30/11/2012)

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Collection

legislative instrument

Plain English Summary

2/10 complexity

This instrument exempts banks and financial institutions from automatically issuing payment summaries for withholding tax on passbook savings accounts. It affects banks (relieving routine paperwork) and passbook account holders (who won’t receive summaries unless they ask). The exemption applies only when the holder does not request the document, so summaries remain available on demand for tax return purposes.

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Current sections

Direct links to the current provisions in Notice of exemption from providing payment summaries to passbook account holders (30/11/2012).

Notice of exemption from providing payme

Notice of exemption from providing payment summaries to passbook account holders

I, Erin Kathleen Holland, Deputy Commissioner of Taxation, pursuant to section 16-180 of Schedule 1 to the Taxation Administration Act 1953 do hereby exempt entities from the requirement to issue a payment summary under section 16-155 of Schedule 1 to the Taxation Administration Act 1953, in respect of Subdivision 12-E (Payments where TFN or ABN not quoted) or 12-F (Dividend, interest and royalty payments) withholding amount made on a passbook savings account, unless specifically requested by the recipient/payee.

Payers are therefore not required to provide passbook savings account holders with a payment summary where they have withheld amounts from payments in accordance with Subdivision 12-E or 12-F, unless specifically requested to do so.

Commencement

This instrument commences on the day after registration on the Federal Register of Legislative Instruments.

Signed on 30 November 2012

Erin Holland

Deputy Commissioner of Taxation

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.