Document ID: chunk:federal_register_of_legislation:C2004C01086:clause:4_1:p1
Version: federal_register_of_legislation:C2004C01086
Segment Type: clause
Provision Reference: sch 4 cl 1 (pt 1/6)
Character Range: 144107–147004

1  At the end of Schedule 1
Add:

[The next Division is Division 400]

Part 5‑30—Payment, ABN and identification verification system

Division 400—Guide to Part 5‑30

400‑1  What Part 5‑30 is about

       To improve compliance with the tax laws that relate to payments for certain supplies, this Part imposes additional requirements on purchasers and suppliers.
       The additional requirements relate to verification of ABNs and to reporting information about payments.
       Regulations will specify the supplies that are covered and the additional requirements that apply to payments for those supplies.
400‑5  The payment, ABN and identification verification system

 (1) There are 4 components in the payment, ABN and identification verification system:
 (a) transaction reporting by purchasers (Division 405);
 (b) transaction reporting by suppliers (Division 410);
 (c) verification of suppliers' *ABNs by purchasers (Division 415);
 (d) verification of suppliers' identities by purchasers (Division 417);
One or more of the components may apply to a particular payment. The regulations will specify which components apply.

 (2) Where a component of the system applies to a payment, the requirements of that component must be complied with.

Division 405—Transaction reporting by purchasers

Table of sections

405‑5 Payments to which this Division applies
405‑10 Reporting requirements
405‑15 Invoices produced by purchasers

405‑5  Payments to which this Division applies

 (1) This Division applies to any payments made, or liable to be made, for a *supply where the supply is specified in regulations made for the purpose of this section.

 (2) A payment is liable to be made if the obligation to make the payment is notified in an *invoice.

 (3) Payments to which this Division applies are called Division 405 payments.

 (4) Without limiting the ways in which the regulations may specify a *supply, the regulations may specify a supply by reference to:
 (a) the goods or services supplied; or
 (b) the supplier; or
 (c) the purchaser.

405‑10  Reporting requirements

 (1) Any entity (the purchaser) that makes, or is liable to make, a *Division 405 payment during a *quarter must give a *Division 405 report to the Commissioner within 21 days after the end of the quarter.

 (2) A Division 405 report is a written statement in the *approved form that names the purchaser and, for each supplier in relation to whom the purchaser made, or was liable to make, a *Division 405 payment during the *quarter:
 (a) names the supplier; and
 (b) specifies the supplier's *ABN (if known by the purchaser); and
 (c) specifies the total of the Division 405 payments that the purchaser made, or was liable to make, to the supplier during the quarter that:
 (i) were notified in an invoice during the quarter (unless the payment was reported in an earlier Division 405 report); or