Excluded Classes of Transactions and Entities for Third Party Reports on Shares and Units Determination 2018
Reference: TPRE 2018/2
Document type: Legislative Instrument
Enabling act: Taxation Administration Act 1953
Date of issue: 27 March 2018
Signatory: Michael Ingersoll Deputy Commissioner of Taxation
Registration number: F2018L00473
Registration date: 9 April 2018


1. Name of instrument: 1) This instrument is the Excluded Classes of Transactions and Entities for Third Party Reports on Shares and Units Determination 2018. Commencement 2) This instrument commences on 1 July 2017 Repeal of previous instrument 3) This instrument replaces Legislative instrument No. F2016L00660 Excluded Classes of Transactions and Entities For Third Party Reports on Shares and Units Determination 2016 registered 5 May 2016. The previous instrument is repealed on the commencement of this instrument. Application 4) This instrument applies to: a) companies whose shares are listed for quotation in the official list of an Australian financial market, b) trustees of a unit trust, and c) trustees of a trust (other than a unit trust) who hold shares in a company or units in a unit trust to which one or more beneficiaries of the trust are absolutely entitled, in relation to transactions in an income year for which the trustee does not give the Commissioner of Taxation an income tax return. a) companies whose shares are listed for quotation in the official list of an Australian financial market, b) trustees of a unit trust, and c) trustees of a trust (other than a unit trust) who hold shares in a company or units in a unit trust to which one or more beneficiaries of the trust are absolutely entitled, in relation to transactions in an income year for which the trustee does not give the Commissioner of Taxation an income tax return. Determination 5) An entity to which this instrument applies is not required to provide information to the Commissioner of Taxation under table items 6 or 8 in section 396-55 of Schedule 1 to the Taxation Administration Act 1953 in relation to a transaction where: a) the transaction relates to a share in a company that is listed for quotation in the official list of an Australian financial market, and b) data in relation to transactions on that Australian financial market is not required to be delivered to the Australian Securities and Investments Commission under the market integrity rules. a) the transaction relates to a share in a company that is listed for quotation in the official list of an Australian financial market, and b) data in relation to transactions on that Australian financial market is not required to be delivered to the Australian Securities and Investments Commission under the market integrity rules. 6) A trustee of a unit trust is not required to provide information to the Commissioner of Taxation under table item 7 in section 396-55 of Schedule 1 to the Taxation Administration Act 1953 in relation to a transaction where, at the time of the transaction: a) the unit trust has fewer than 10 beneficiaries, and b) the total market value of the assets held by the trustee in the unit trust is less than $5 million. a) the unit trust has fewer than 10 beneficiaries, and b) the total market value of the assets held by the trustee in the unit trust is less than $5 million. 7) A trustee of a trust (other than a unit trust) is not required to provide information to the Commissioner of Taxation under table item 8 in section 396-55 of Schedule 1 to the Taxation Administration Act 1953 in relation to a transaction where, at the time of the transactio n: a) the trustee is not required to hold an Australian financial services licence, within the meaning of section 761A of the Corporations Act 2001, and b) the total market value of the assets held by the trustee in all trusts of which it is a trustee is less than $5 million. a) the trustee is not required to hold an Australian financial services licence, within the meaning of section 761A of the Corporations Act 2001, and b) the total market value of the assets held by the trustee in all trusts of which it is a trustee is less than $5 million. 8) A trustee of a trust (other than a unit trust) is not required to provide information to the Commissioner of Taxation under table item 8 in section 396-55 of Schedule 1 to the Taxation Administration Act 1953 in relation to a transaction that relates to shares in a company that are not listed for quotation in the official list of an Australian financial market. 9) A trustee of a trust (other than a unit trust) is not required to provide information to the Commissioner of Taxation under table item 8 in section 396-55 of Schedule 1 to the Taxation Administration Act 1953 in relation to a transaction where the trustee can reasonably expect that: a) some other entity will include information about the transaction in a report given to the Commissioner of Taxation under table item 5, 6, 7 or 8 in section 396-55 of Schedule 1 to the Taxation Administration Act 1953, and b) that report will identify, as the owner of the shares or units, the entity that is absolutely entitled to them as a beneficiary of the trust. a) some other entity will include information about the transaction in a report given to the Commissioner of Taxation under table item 5, 6, 7 or 8 in section 396-55 of Schedule 1 to the Taxation Administration Act 1953, and b) that report will identify, as the owner of the shares or units, the entity that is absolutely entitled to them as a beneficiary of the trust. 10) An entity to which this instrument applies is not required to provide information to the Commissioner of Taxation under table items 6, 7 or 8 in section 396-55 of Schedule 1 to the Taxation Administration Act 1953 in relation to a transaction where any entity is required to provide information to the Commissioner in relation to the transaction pursuant to Division 392 of Schedule 1 to the Taxation Administration Act 1953 (which is about employee share schemes). Additional Information 11) This instrument does not prevent the reporting of information where not reporting it would impose an increased administrative burden on the reporting entity.