Commonwealth Consolidated Acts

TAXATION ADMINISTRATION ACT 1953 - SECT 8WC

             (1)  Where:

                     (a)  a person is an investor in relation to 2 or more investments of a similar kind; and

                     (b)  having regard to:

                              (i)  the manner in which the person became an investor in relation to the investments; and

                             (ii)  any explanation made by the person as to becoming such an investor in that manner;

                            it would be reasonable to conclude that the person became such an investor in that manner for the sole or dominant purpose of ensuring, or attempting to ensure that:

                            (iii)  although the person has not, under Part VA of the Income Tax Assessment Act 1936 , quoted the person's tax file number in connection with those investments (in this subparagraph called the non‑TFN investments ):

                                        (A)  amounts would not be deducted under Division 3B of that Act, or withheld under section 12‑140 or 12‑145 in Schedule 1 to this Act, from income in respect of one or more of the non‑TFN investments; and

                                        (B)  amounts would not be paid to the Commissioner under section 14‑5 in Schedule 1 to this Act, in relation to income in respect of one or more of the non‑TFN investments; and

                                        (C)  TFN withholding tax would not be payable under section 14‑55 in Schedule 1 to this Act in respect of one or more of the non‑TFN investments; or

                            (iv)  the investments are not referred to in a report under the regulations made under that Act;

the person is guilty of an offence.

Penalty:  100 penalty units or imprisonment for 2 years, or both.

             (2)  In this section:

"investment" means an investment of a kind mentioned in section 202D of the Income Tax Assessment Act 1936 .

"investor" means an investor within the meaning of that section.