Document ID: chunk:federal_register_of_legislation:F2023L00361:clause:1_6
Version: federal_register_of_legislation:F2023L00361
Segment Type: clause
Provision Reference: sch 1 cl 6
Character Range: 2412–3207

6  Exemption
 (1) A passbook account provider is exempt from the requirement in section 16-155 of Schedule 1 to the Act to give a payment summary for a financial year to a passbook account holder if:
            (a) the payment summary is in respect of a passbook account;
            (b) at any time during that financial year, the passbook account was open or in use; and
            (c) the payment summary is in respect of a payment to the passbook account from which:
               (i) an amount must be withheld under Subdivision 12-E (Payments where TFN or ABN not quoted); or
               (ii) an amount must be withheld under Subdivision 12-F (Dividend, interest and royalty payments).
 (2) Subsection (1) does not apply if the passbook account holder requests a payment summary.