Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Part, a recipient is taken to have quoted the recipient's tax file number in a TFN declaration given to the payer concerned under section 202C if all eligible PAYG payments by the payer to the recipient would be exempt from income tax because of Division 1A of Part III.
(2) For the purposes of this Part, an investor in relation to an investment to which this Part applies shall be taken to have quoted the investor's tax file number under Division 4 in connection with the investment if income derived from the investment would be exempt from income tax because of Division 1A of Part III.
(3) Subsection (1) or (2) continues to have effect until the end of one month after the payments or income would no longer be exempt from income tax because of Division 1A of Part III.
(4) Where:
(a) a person has been taken, because of this section, to have quoted the person's tax file number in connection with payments, or with an investment; and
(b) the payments, or income derived from the investment, ceases to be exempt from income tax because of Division 1A of Part III;
the person is guilty of an offence if, within one month of the income ceasing to be exempt from income tax, the payer concerned, or the investment body concerned, is not informed of the person's tax file number or informed that the income is no longer exempt from income tax.
Penalty: 10 penalty units.