Document ID: chunk:federal_register_of_legislation:C2015A00162:clause:4_9:p2
Version: federal_register_of_legislation:C2015A00162
Segment Type: clause
Provision Reference: sch 4 cl 9 (pt 2/2)
Character Range: 30700–32576

service and wholesale client have the same meanings in this section as they do in Chapter 7 of the Corporations Act 2001.
Note: This exemption does not apply to information relating to any other party to the transaction, such as the party providing the product or service.

396‑70  Exemptions—other cases

Exemptions for particular entities
 (1) The Commissioner may, in writing, notify an entity that it:
 (a) is not required to prepare and give reports under section 396‑55; or
 (b) is not required to do so for specified classes of transactions.
 (2) An entity dissatisfied with a decision to:
 (a) give it a notice under subsection (1); or
 (b) not give it a notice under subsection (1);
may object against the decision in the manner set out in Part IVC.
 (3) A notice under subsection (1) is not a legislative instrument.

General exemptions
 (4) The Commissioner may, by legislative instrument, determine that specified classes of entities:
 (a) are not required to prepare and give reports under section 396‑55; or
 (b) are not required to do so for specified classes of transactions.

396‑75  Errors in reports
 (1) An entity must give to the Commissioner a corrected report if:
 (a) the entity has given a report to the Commissioner under this Subdivision; and
 (b) after giving the report, the entity becomes aware of a material error in it.
 (2) The report must be in the *approved form.
 (3) The report must be given to the Commissioner no later than 28 days after the entity becomes aware of the error.
Note 1: An administrative penalty applies to a failure to give the report by that time (see subsection 286‑75(1)). An administrative penalty applies for any false statements in the report (see section 284‑75).
Note 2: Section 388‑55 allows the Commissioner to defer the time for giving an approved form.

Part 2—Other amendments

Income Tax Assessment Act 1997