The Legislative Instrument, Excluded Classes of Transactions and Entities for Third Party Reports on Shares and Units Determination 2018, was registered on 9 April 2018 and replaces a previous instrument registered on 5 May 2016.

It relieves entities to which the instrument applies from having to provide information to the ATO under the third party reporting regime in Subdivision 396-B of Schedule 2 of the Taxation Administration Act 1953 (Act). The types of affected entity are companies listed on an Australian financial market, trustees of a unit trust and trustees of other trusts holding shares or units, in relation to transactions that are not reported in an income tax return.

A number of classes of entities that are excluded from transactions are listed in the Legislative Instrument. Some types of transactions exempted include:

  • transactions relating to shares listed on Australian financial markets
  • trustees of a unit trust with less than 10 beneficiaries and a market value of assets of less than $5 million
  • trustees of trusts other than unit trusts, where the trustee is not required to hold an Australian Financial Services Licence and the total market value of the assets held by the trustee in all trusts is less than $5 million
  • trustees of trusts, other than unit trusts, that enter into transactions where another entity will include information about the transaction in a report given to the Commissioner, and that report identifies that the entity is absolutely entitled to the shares or units as a beneficiary of the trust and
  • transactions in relation to employee share schemes where any entity is required to provide information to the ATO in respect to a transaction pursuant to Division 392 of Schedule 1 of the Act.