The Transfers of shares and units (Market Participants) report (TSUMP.0002) XML v2.1 has been released as final.
This final XML package is to be used in the development of software for the electronic lodgment of the Transfers of shares and units (Market Participants) report for the 2017-18 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 Australian Taxation Office (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 31 July, with the first report due in July 2018. Reporters also have the option of providing bi-annual reports from February 2018. The information will be available through the ATO’s pre-filling service 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.
Changes in version 2.1
The TSUMP XML package has been updated to cater for an update to the enumeration values within the schema and to add an additional validation rule.
This update has caused a change to the Validation Rules, Message Repository, XSD files, Sample Payload and the Response Message Structure Table within the zipped package.
Note: The updated schema is backwards compatible with previous versions.