Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) A person who at any time during a financial year is an investment body that accepted any investments mentioned in section 202D of the Act must give to the Commissioner in a form approved by the Commissioner a written report relating to those investments.
(2) Subregulation (1) does not apply to a financial year that ended at or before the end of the phasing‑in period.
(3) The report shall be given to the Commissioner within 4 months after the end of the financial year to which it relates, or within such further time as the Commissioner, by written notice given to the investment body, allows.
(4) Subject to subregulation (4A), the report must state, in relation to each investment, in respect of the financial year:
(a) the full name of:
(i) the investor; or
(ii) each of 2 investors; or
(iii) 2 of 3 or more investors;
as the case requires; and
(b) the address of:
(i) the investor; or
(ii) 1 of 2 or more investors;
as the case requires; and
(c) where there were more than 2 investors -- that fact; and
(d) the tax file number (if any) quoted, for the purpose
of
Part VA of the Act, or the ABN (if any) quoted
under section 12‑155 of
Schedule 1 to the Taxation Administration Act 1953 , by:
(i) the investor; or
(ii) each of 2 investors; or
(iii) 2 of 3 or more investors;
as the case requires; and
(e) where an investor is to be taken to have quoted his or her tax file number because of the application of a provision of Division 5 of that Part -- the code approved by the Commissioner; and
(f) unless paragraph (fa) applies -- the total amount of income paid by the investment body; and
(fa) if income is paid under an eligible deferred interest investment entered into on or after 1 February 1992:
(i) so much of the payment as is a periodic interest payment within the meaning of Division 16E of Part III of the Act; and
(ii) if the income became payable at the end of the term of the investment -- so much of the amount of the payment as does not exceed the amount that would have been included in the investor's assessable income for the year of income in which the term ended if section 159GQ and paragraph 159GR (2) (c) of the Act applied to the investor; and
(iii) any amount that is taken under section 159GQ of the Act to be included in the investor's assessable income for the year of income, excluding any amount of that kind for the year of income in which the end of the term of the investment occurred; and
(g) the total amount of:
(ii) any amounts withheld under sections 12‑140 and 12‑145 of Schedule 1 to the Taxation Administration Act 1953 ; and
(iii) any payments made under Division 14 of Schedule 1 to that Act because of the operation of sections 12‑140 and 12‑145; and
(ga) the amount of any TFN withholding tax paid by the investment body; and
(h) where the investment body has paid an amount of income to a non‑resident:
(i) the overseas address of the non‑resident; and
(ii) the overseas address code applicable to that address, being one of the codes specified by the Commissioner; and
(iii) the total of any amount withheld under Subdivision 12‑F of Schedule 1 to the Taxation Administration Act 1953 and any payment made under Division 14 of that Schedule because of the operation of Subdivision 12‑F; and
(iv) the total of any amounts withheld from fund payments under Subdivision 12‑H of Schedule 1 of the Taxation Administration Act 1953 ; and
(j) the investment reference number (if any).
(4A) In relation to each secondary investment to which section 202DDB of the Act applies, the report must state in respect of the financial year:
(a) the full name of the interposed entity; and
(b) the full name of each of the primary investors identified in the descriptive title of the investment in accordance with regulation 56A; and
(c) the address of the interposed entity; and
(d) the tax file number (if any) quoted, or taken to have been quoted, for the purpose of Part VA of the Act, and the ABN (if any) quoted under section 12‑155 of Schedule 1 to the Taxation Administration Act 1953 , by the interposed entity; and
(e) where the interposed entity is taken to have quoted the interposed entity's tax file number because of the application of a provision of Division 5 of that Part -- the code approved by the Commissioner; and
(f) the total amount of income paid by the secondary investment body, excluding any amount that is taken to be included in the income of an investor under section 159GQ or paragraph 159GR (2) (c) of the Act; and
(fa) in respect of an investment entered into on or after
1
February 1992 -- the total amount that is taken to be included in the
income of the investor, or each of the investors, under section 159GQ of the
Act excluding income that has already been included in a report under this
subregulation; and
(fb) in respect of an investment entered into on or after
1
February 1992 -- any amount that is taken to be included in the income of
an investor under paragraph 159GR (2) (c) of the Act; and
(g) the total amount of:
(ii) any amounts withheld under section 12‑140 or 12‑145 of Schedule 1 to the Taxation Administration Act 1953 ; and
(iii) any payments made under Division 14 of Schedule 1 to that Act because of the operation of sections 12‑140 and 12‑145; and
(ga) the amount of any TFN withholding tax paid by the investment body; and
(h) the investment reference number (if any).
(5) Subject to subregulation (5B), subregulation (1) does not apply to an investment in relation to a financial year if the total amount of income paid on the investment is less than $1.
(5A) Subject to subregulation (5B), subregulation (1) does not apply to a person who at any time during a financial year is an investment body that accepted an investment if the total number of the investments that the person accepted during the financial year is less than 10.
(5B) Subregulation (1) applies to an investment in relation to a financial year if a person who at any time in the financial year is the investment body that accepted the investment is required:
(a) to withhold under section 12‑140 or 12‑145 of Schedule 1 to the Taxation Administration Act 1953 an amount from any income that an investor is entitled to receive in the financial year in respect of the investment; or
(b) to pay an amount to the Commissioner under Division 14 of Schedule 1 to that Act because of the operation of those sections.
(5C) For the purposes of paragraph (4) (fa), any accounting period, other than a year of income, that is adopted in relation to the income is to be ignored.
(6) For the purposes of paragraphs (4) (f) and (h), (4A) (f) and subregulation (5):
(a) where income is not actually paid to a person but is reinvested, accumulated, capitalised or otherwise dealt with on behalf of the person, or as the person directs, the income shall be taken to be paid to the person when it is so reinvested, accumulated, capitalised or otherwise dealt with;
(b) where a person becomes presently entitled, as an investor in relation to an investment of the kind mentioned in item 5 in the table in subsection 202D (1) of the Act, to a share of income in respect of the investment, that share of the income shall be taken to be paid to the person as income in respect of the investment when the person becomes so entitled.
(9) In this regulation investor , in relation to an investment in relation to a financial year, means a person who was, at any time during the financial year, an investor, as defined in section 202D of the Act, in relation to the investment.