1 This specification replaces version 1.1 and is to be used by small investment bodies to prepare Quarterly tax file number and Australian business number (QTFN) reports from the third quarter of the 2015-16 financial year onwards. It is for those investment bodies that use PC based spreadsheet or database software packages to maintain investor details. It also contains instructions and guidelines for entering the information into a spreadsheet in a standard format and sending the report to the Australian Taxation Office (ATO). The specification is not intended to, nor does it provide a guide to the relevant legislation. If you are considering developing or updating QTFN reporting software, the Quarterly tax file number (QTFN) and Australian business number (ABN) report version 6.2.0 must be used in the development of the application. If the investment body has more than 1,000 investments the QTFN report will need to be lodged electronically. These investment bodies can refer to the the Quarterly tax file number (QTFN) and Australian business number (ABN) report version 6.2.0 to lodge the report. Lodging electronically will: reduce paperwork provide a secure way for reports to be lodged provide an online receipt when a report is lodged ensure that all of the necessary fields to lodge the report have been completed, via its checks, and be available 24 hours a day, 7 days a week. 2 On 1 July 2015, Division 393 of Schedule 1 of the Taxation Administration Act 1953 (TAA 1953) replaced regulation 55 of the Income Tax Regulations 1936. Under Division 393 of the TAA 1953, an entity defined as an investment body under section 202D of Part VA of the Income Tax Assessment Act 1936 (ITAA 1936), is required to report to the Commissioner of Taxation details of all Tax file numbers (TFN) and Australian business number (ABN) quotations by an investor in connection with investments falling within the
Example 1 An account held by the ABC Family Trust (a formal trust with TFN 12345678 and an ABN of 10234151168) would be reported as follows in the QTFN report: Note that for formal trusts the name of the trustee MUST NOT be reported in the surname, given name fields. B C D E F G H I J K Account name Entity TFN ABN Surname 1st given name 2nd given name DOB Filler Non-indiv name ABC Family Trust T 12345678 10234151168 ABC FAMILY TRUST T = trust TFN ABN of trust Name of trust (not trustee) ‘ABC FAMILY TRUST’ would also be entered in the Account name field (Column B). Example 2 An account held by William Bruce Brown as trustee for his son Rusty (an informal trust with no Trust TFN "trustee" has quoted his own TFN) would be reported as follows: B C D E F G H I J K Account name Entity TFN ABN Surname 1st given name 2nd given name DOB Filler Non-indiv name WILLIAM BRUCE BROWN *ATF RUSTY BROWN I 987654321 BROWN WILLIAM BRUCE 24041952 Full name of account on the spreadsheet *ATF= as trustee for I = individual TFN of trustee Details of Trustee Blank for individuals
6 QTFN ABC Investments Pty Ltd (ABN 10223415678) the ABN in the spreadsheet has 112 new quotations on investor details to be reported on their QTFN report. Details of the first 4 accounts are: Account 1001 – John Walter Fredrick (individual account) Account 1002 – Judith and Fred May (joint account) Account 1003 – F & C Constructions Pty Ltd (company account) Account 1004 – Kitchen Investments (a partnership of Ray Kitchen, Wilma Briggs and June Kitchen) The spreadsheet (for the above 4 accounts) would be completed as follows: A B C D E F G 1 12345678211 123 30092006 2 Investment reference number Account name Entity TFN ABN Surname First name 3 1001 John W Fredrick I 123000987 Fredrick John 4 1002 Judith and Fred May I 122123789 May Judith 5 1002 Judith and Fred May I 145876001 May Frederick 6 1003 F & C Constructions Pty Ltd C 89700128 12102678923 7 1004 Kitchen Investments P 78609812 12267890324
H I J K L M N O P Q 1 2 Second name DOB Filler Non-individual name Investor address line 1 Investor address line 2 Suburb State PC Country 3 Walter 15031957 123 Fern Gully Road North Sydney NSW 2060 4 17021963 56 Waters Street Artarmon NSW 2064 5 George 25121960 56 Waters Street Artarmon NSW 2064 6 F & C Constructions Pty Ltd Shop 12 Big Mall Antler Street Penrith NSW 2750 7 Raymond Kitchen, June Kitchen and Wilma Briggs c/- W Briggs 67 Warner Road NSW 2150