Transfers of shares and units (Listed Entities) report specification final v2.0.0 and test scenario

Version: 

2.0.0

Original Published Date: 

07/02/2019 - 10:30am

Status: 

  • Current

Tax Category: 

  • Business accounting
  • Investment bodies

Resource Type: 

  • Specifications
  • Test scenarios

Description: 

A new final electronic reporting specification version 2.0.0 of the Transfers of Shares and Units (Listed Entities) has been released.

This specification is to be used in the development of software for the electronic lodgment of the Transfers of Shares and Units (Listed Entities) for the 2018-19 and subsequent financial years.

Subdivision 396-B creates a new third party reporting regime in Schedule 1 to the Taxation Administration Act 1953. This regime requires entities to report information to the Commissioner of Taxation about transactions that could reasonably be expected to have tax consequences for other entities.

Under this measure, the ATO requests and collects data from listed entities, such as but not limited to, identity details of shareholders and information about corporate actions (merger, demerger, bonus issue etc.) and off-market transfers. The data will be electronically matched with data held by the ATO and will support voluntary compliance by providing taxpayers with information related to Capital Gains Tax events that have occurred during the income year. This information must be collected from 1 July 2017 and reported to the ATO each year by July 31, with the first report due in July 2018. Bi-annual reporting will be available as a voluntary option, with the first reports expected in January 2018. The information will be available through the ATO’s pre-filling service and will be available for both self-preparers and tax agents. 

This measure will also improve compliance and provide a level playing field for Australian taxpayers by enabling the ATO to expand its data matching with third party information.

Differences between 1.0.2 and 2.0.0 versions

Changes to data records, values and definitions

Security level data record

  • adjusted character positions
  • 6.29 Security level action code – added new values
  • 6.31 Security code  – changed length, updated definition

Transaction data record

  • adjusted character positions
  • 6.59 Balance before transactions – changed length, added alert box to definition
  • 6.61 Transaction reason code – new codes added
  • 6.62 Transaction sub-type code – new values added
  • 6.62 Transaction sub-type code – definition for distribution reinvestment plan updated
  • 6.64 Transaction impact code – valid values per Transaction reason code added
  • 6.65 Quantity – changed length, added alert box to definition, existing definition alert box updated
  • 6.66 Price per security – field definition alert box updated
  • 6.67 Total payment to investor  - field definition alert box updated
  • 6.69 Currency exchange rate used to calculate – alert box added to definition
  • 6.70 Related security code – changed length
  • 6.72 Balance after transactions– changed length, added alert box to definition

Account data record

  • adjusted character positions
  • 6.31 Security code  – changed length from 10 to 11, updated definition

For a full list of changes between version 1.0.2 and version 2.0.0 refer to page I of the specification.

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