Document ID: chunk:federal_register_of_legislation:C2015A00162:clause:4_9:p1
Version: federal_register_of_legislation:C2015A00162
Segment Type: clause
Provision Reference: sch 4 cl 9 (pt 1/2)
Character Range: 27412–30928

9                                                               an administrator of a payment system (within the meaning of the Payment Systems (Regulation) Act 1998)           a transaction involving an electronic payment if:
                                                                                                                                                                                 (a) the transaction is facilitated by the payment system on behalf of an entity; and
                                                                                                                                                                                 (b) the administrator reasonably believes that the transaction:
                                                                                                                                                                                 (i) provides a payment to the entity, or provides a refund or cash to a customer of the entity; and
                                                                                                                                                                                 (ii) is for the purposes of a *business carried on by the entity

Note: 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).

396‑60  Information required

Transactions not involving market participants
 (1) For the purposes of section 396‑55, the information required by the *approved form about a transaction (other than a transaction described in table item 5 in that section):
 (a) must relate to the identification, collection or recovery of a possible *tax‑related liability of a party to the transaction (disregarding any exemption under a *taxation law that may apply to those parties); and
 (b) may relate to identifying the parties to the transaction; and
 (c) for a transaction described in table item 3 in that section—may include the *tax file numbers of those parties to the transaction who have quoted their tax file numbers to the State or Territory concerned.

Transactions involving market participants
 (2) For the purposes of section 396‑55, the information required by the *approved form about a transaction described in table item 5 in that section must relate to identifying the parties to the transaction.

Some reporting entities may request tax file numbers
 (3) A State or Territory may request an entity to quote the entity's *tax file number to the State or Territory if:
 (a) the tax file number is for a report by the State or Territory under section 396‑55 about a transaction described in table item 3 in that section; and
 (b) the entity is a party to the transaction.

396‑65  Exemptions—wholesale clients
  An entity is not required to include, in a report under section 396‑55, information about a transaction described in table item 5, 6, 7 or 8 in that section to the extent that the information relates to a party to the transaction:
 (a) who is not an individual; and
 (b) who is being provided a financial product, or a financial service, under the transaction as a wholesale client.
Financial product, financial 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