Classes of Electronic Payment System Transactions Exempt In Certain Years From Being Reported In Third Party Reports Determination 2017 (Cth)

Legislative Instrument

Classes of Electronic Payment System Transactions Exempt In Certain Years From Being Reported In Third Party Reports Determination 2017

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

Signed by Greg Williams

Deputy Commissioner of Taxation

Dated: 16 May 2017

1. Name of instrument

This instrument is the Classes of Electronic Payment System Transactions Exempt In Certain Years From Being Reported In Third Party Reports Determination 2017.

1. Commencement and Expiry

This instrument commences on 1 July 2017 and expires on 30 June 2020.

1. Repeal of previous instrument

This instrument replaces Legislative instrument No. F2016L00530 Classes of Electronic Payment System Transactions Exempt In The 2017/18 Year From Providing Third Party Reports Determination 2016 registered on 15 April 2016. The previous instrument is repealed on the commencement of this instrument.

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:

(a)  Direct Entry Direct Debit payments processed before 1 July 2018 through the Bulk Electronic Clearing System governed by Australian Payments Clearing Association Limited;

(b)  Direct Entry Direct Credit payments processed before 1 July 2020, through the Bulk Electronic Clearing System governed by Australian Payments Clearing Association Limited;

(c)  Payments processed before 1 July 2020 by New Payments Platform Participants using the New Payments Platform governed by NPP Australia Limited.

1. Additional Information

Entities may provide information to which paragraph 5(a) applies where not reporting it would impose an increased administrative burden on the reporting entity.