The payment, ABN and identification verification system
400-5 The payment, ABN and identification verification system
There are 4 components in the payment, ABN and identification verification system:
transaction reporting by purchasers (Division 405);
transaction reporting by suppliers (Division 410);
verification of suppliers’ *ABNs by purchasers (Division 415);
verification of suppliers’ identities by purchasers (Division 417);
One or more of the components may apply to a particular payment. The regulations will specify which components apply.
Where a component of the system applies to a payment, the requirements of that component must be complied with.
This provision refers to the regulations (The regulations
). Made under this Act:
- Taxation Administration Regulations 2017 · under s 18
11 more instruments made under this Act are listed on the Act’s overview.
This Act’s bill:Second reading speech
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