Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_15:p2
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 15 (pt 2/39)
Character Range: 1816137–1818781

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
 (1) An entity is not required to include, in a report under section 396‑55, information about a transaction described in table item 5, 6 or 7 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, under the transaction, is being provided with:
 (i) a financial product (within the meaning of Division 3 of Part 7.1 of the Corporations Act 2001); or
 (ii) a financial service (within the meaning of that Act);
  as a wholesale client (within the meaning of that Act).
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.
 (2) An entity is not required to include, in a report under section 396‑55, information about a transaction described in table item 8 in that section to the extent that the information relates to a beneficiary mentioned in that item:
 (a) who is not an individual; and
 (b) who, under the transaction, is being provided with:
 (i) a financial product (within the meaning of Division 3 of Part 7.1 of the Corporations Act 2001); or
 (ii) a financial service (within the meaning of that Act);
  as a wholesale client (within the meaning of that Act).
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