The Taxation Administration Act 1953 – Notice of exemption from providing payment summaries to passbook account holders was registered on the Federal Register of Legislative Instruments Thur 6.12.2012. It exempts entities from the requirement to issue a payment summary under s 16-155 of Sch 1 to the TAA (‘TAA1’):
- in respect of Subdiv 12-E (Payments where TFN or ABN not quoted) unless requested by the recipient; or
- under Subdiv 12-F (where withholding is required from Dividends, interest and royalty payments) by a financial institution in respect of customer with a passbook savings account, unless specifically requested by the recipient/payee.
The instrument commenced on Fri 7.12.2012.
[LTN 237, 6/12]