Classes of Electronic Payment System Transactions Exempt From Providing Third Party Reports Determination 2016 (Cth)

Legislative Instrument

CLASSES OF ELECTRONIC PAYMENT SYSTEM TRANSACTIONS EXEMPT FROM PROVIDING THIRD PARTY REPORTS

DETERMINATION 2016

I, Greg Williams, Deputy Commissioner of Taxation, make this determination under subsection 396-70(4) of Schedule 1 to the Taxation Administration Act 1953.

Greg Williams

Deputy Commissioner of Taxation

Dated: 11 April 2016

1. Name of instrument

This instrument is the Classes of Electronic Payment System Transactions Exempt From Providing Third Party Reports Determination 2016.

1. Commencement

This instrument commences on 1 July 2017.

1. Application

This instrument applies to administrators of a payment system, within the meaning of the Payment Systems (Regulation) Act 1998.

1. Determination

Administrators of a payment system, within the meaning of the Payment Systems (Regulation) Act 1998 are not required to provide information to the Commissioner of Taxation under table item 9 in section 396-55 of Schedule 1 to the Taxation Administration Act 1953 in relation to the following transactions:

§Payments made to a carriage service provider (within the meaning of the Telecommunications Act 1997).

§Payments made to a utility for the provision of electricity, water, sewerage or gas.

§Payments made to a government related entity (within the meaning of section 195-1 of the A New Tax System (Goods and Services Tax) Act 1999).

§Payments made to a general insurer which are received in the course of the insurer’s insurance business (within the meaning of the Insurance Act 1973).

§Payments made to a life insurer which are received in the course of the insurer’s insurance business (within the meaning of the LifeInsurance Act 1995).

§Payments made to a private health insurer which are received in the course of the insurer’s insurance business (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015).

§Payments made to a superannuation fund, approved deposit fund, or pooled superannuation trust (within the meanings of the Superannuation Industry (Supervision) Act 1993) or retirement savings account provider (within the meaning of the Retirement Savings Accounts Act 1997).

§Payments processed by High Value Clearing System Framework Participants under the High Value Clearing System governed by Australian Payments Clearing Association Limited.

1. Additional Information

This instrument does not prevent the reporting of information where not

reporting it would impose an increased administrative burden on the reporting entity.