Commonwealth Consolidated Regulations Commonwealth Consolidated Regulations(1) An individual to whom subregulation (2), (3), (4) or (5) applies must give a new declaration in the approved form to the entity mentioned in that subregulation.
(2) This subregulation applies to an individual if:
(a) the individual gives to an entity a declaration under subsection 15‑50 (1) of Schedule 1 to the Act about a matter mentioned in subregulation 26 (1); but
(b) the individual's circumstances change in relation to the matter.
(4) This subregulation applies to an individual if:
(a) the individual gives to an entity a declaration under subsection 15‑50 (3) of Schedule 1 to the Act about a matter mentioned in subregulation 26 (2); but
(b) the individual's circumstances change in relation to the matter.
(5) This subregulation applies to an individual who:
(a) gives a TFN declaration to an entity expressing a wish to reduce the amount withheld to correspond with the first‑mentioned amount (the tax‑free threshold) set out in column 1 of the table in clause 1 of Part I of Schedule 7 to the Income Tax Rates Act 1986 ; and
(b) becomes a foreign resident.
(6) If the individual fails to comply with subregulation (1), he or she is liable to pay a civil penalty of 5 penalty units.
Note 1 See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.
Note 2 Division 298 of Schedule 1 to the Act contains machinery provisions relating to civil penalties.