* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Download electronic reporting specification * qtfn and abn pc spreadsheet
Survey
Document related concepts
Negative gearing wikipedia , lookup
Investment banking wikipedia , lookup
Early history of private equity wikipedia , lookup
Venture capital financing wikipedia , lookup
Investment management wikipedia , lookup
History of investment banking in the United States wikipedia , lookup
Socially responsible investing wikipedia , lookup
Environmental, social and corporate governance wikipedia , lookup
Private money investing wikipedia , lookup
International investment agreement wikipedia , lookup
Transcript
SPECIFICATION SOFTWARE DEVELOPERS DECEMBER 2015 UNCLASSIFIED FORMAT AUDIENCE DATE CLASSIFICATION Reporting Specification Quarterly tax file number (QTFN) and Australian business number (ABN) reports PC Spreadsheet format version 1.2.0 UNCLASSIFIED For further information or questions, call 1800 072 681 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT CHANGES IN THIS VERSION OF THE SPECIFICATION Differences between Version 1.1 and Version 1.2.0 General key changes The name of the specification has changed from Quarterly tax file number (QTFN) and Australian business number (ABN) report magnetic media specification for PC systems to Quarterly tax file number (QTFN) and Australian business number (ABN) reports PC Spreadsheet format version 1.2.0 Privacy information updated General wording changes to allow for consistency, to update and clarify information and processes. Changes have not been tracked where sentences have been restructured and the intent/information has not changed. Portals information has been introduced The ATO is closing the lodgment service for electronic storage media and encouraging online lodgment. Therefore, information on electronic storage media, including the electronic storage media information form, has been removed from this version of the specification All sections in this document have been updated. Version numbering updated in accordance with Standard for specification documentation version numbering 1.0.1 Changes to data records, values and definitions Sex field has been replaced with Filler field. This cell is to be left blank and the associated data definition has also been updated. Investment/customer reference number field (6.3) has been renamed to Investment reference number Spreadsheet examples have been updated to reflect the removal of the Sex field. UNCLASSIFIED II UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT Acronyms Acronym Expanded ABN Australian business number AIIR Annual investment income report ATO Australian Taxation Office SIPO Software Industry Partnership Office TFN Tax file number Definitions Common term Definition Supplier The organisation sending the data to the Australian Taxation Office (ATO). Investment body / The investment body / reporter is the entity with the obligation to provide reporter the data. Investor data record An investment account may be held by one or more investors. One Investor data record should be provided for each investor who is a holder of the investment account and a recipient of the investment income. Do not provide an Investor data record for a person who is only a signatory to the account and not a recipient of the investment income. UNCLASSIFIED III UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT TABLE OF CONTENTS 1 Introduction ............................................................................................................................ 1 Who should use this specification ......................................................................................... 1 Lodging electronically ........................................................................................................... 1 2 Legal requirements................................................................................................................. 2 Reporting obligations ............................................................................................................ 2 Other obligations .................................................................................................................. 2 Investors claiming an exemption from quotation of a tfn ....................................................... 3 Retention of information ........................................................................................................ 3 Extension of time to lodge..................................................................................................... 3 Privacy.................................................................................................................................. 4 3 Reporting Procedures ............................................................................................................ 5 Reporting for the first time..................................................................................................... 5 Reporting via the internet ...................................................................................................... 5 Getting Started ..................................................................................................................... 6 Backup of data...................................................................................................................... 6 4 Record specifications ............................................................................................................. 8 Setting up the spreadsheet ................................................................................................... 8 Description of terms used in data record specification .......................................................... 9 Data record 1 (row 1) ...........................................................................................................11 Column headings - (row 2)...................................................................................................11 Investor account details - (row 3) .........................................................................................12 5 Data Definitions and Edit rules ..............................................................................................13 Reporting of address details ................................................................................................13 Reporting of name details ....................................................................................................14 Data Definitions and Edit rules .............................................................................................21 6 Example of a QTFN spreadsheet ..........................................................................................25 7 Algorithms .............................................................................................................................27 ABN algorithm .....................................................................................................................27 TFN algorithm ......................................................................................................................27 8 Returns From ATO ................................................................................................................28 9 More information ...................................................................................................................29 Reporting by PC Spreadsheet .............................................................................................29 Software developers homepage ..........................................................................................29 10 Forms ..................................................................................................................................30 UNCLASSIFIED IV UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT 1 INTRODUCTION WHO SHOULD USE THIS SPECIFICATION This specification replaces version 1.1 and is to be used by small investment bodies to prepare Quarterly tax file number and Australian business number (QTFN) reports from the third quarter of the 2015-16 financial year onwards. It is for those investment bodies that use PC based spreadsheet or database software packages to maintain investor details. It also contains instructions and guidelines for entering the information into a spreadsheet in a standard format and sending the report to the Australian Taxation Office (ATO). The specification is not intended to, nor does it provide a guide to the relevant legislation. LODGING ELECTRONICALLY If you are considering developing or updating QTFN reporting software, the Quarterly tax file number (QTFN) and Australian business number (ABN) report version 6.2.0 must be used in the development of the application. If the investment body has more than 1,000 investments the QTFN report will need to be lodged electronically. These investment bodies can refer to the the Quarterly tax file number (QTFN) and Australian business number (ABN) report version 6.2.0 to lodge the report. Lodging electronically will: reduce paperwork provide a secure way for reports to be lodged provide an online receipt when a report is lodged ensure that all of the necessary fields to lodge the report have been completed, via its inbuilt checks, and be available 24 hours a day, 7 days a week. UNCLASSIFIED 1 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT 2 LEGAL REQUIREMENTS REPORTING OBLIGATIONS On 1 July 2015, Division 393 of Schedule 1 of the Taxation Administration Act 1953 (TAA 1953) replaced regulation 55 of the Income Tax Regulations 1936. Under Division 393 of the TAA 1953, an entity defined as an investment body under section 202D of Part VA of the Income Tax Assessment Act 1936 (ITAA 1936), is required to report to the Commissioner of Taxation details of all Tax file numbers (TFN) and Australian business number (ABN) quotations by an investor in connection with investments falling within the provision of the tax file number legislation and the FMD legislation in the approved form. If an investment body has no presence in Australia there is no obligation to report. The QTFN report is an approved form under section 388-50 of Schedule 1 to the TAA 1953. Consequently, investment bodies that fail to lodge their QTFN report by the due date may be subjected to either administrative penalties or prosecution. An administrative penalty for the late lodgment of an approved form is imposed by subsection 286-75(1) of Schedule 1 to the TAA 1953. The amount of the penalty is set out in section 286-80 of Schedule 1 to the TAA 1953. All TFN/ABN quotations made by investors are to be reported. Section 202G of ITAA 1936 requires an investment body that keeps whole or part of the information that is obliged to give to the Commissioner on a computer system, to supply this information to the Commissioner in a manner and form that is in accordance with the specifications set out by the Commissioner. The reporting quarters are July to September, October to December, January to March and April to June. Investment bodies must lodge the QTFN report with the ATO no later than 28 days after the end of the reporting period. OTHER OBLIGATIONS In addition to the reporting requirements outlined above, investment bodies are also required to withhold amounts from investment income payments made to investors who have chosen not to quote their TFN or ABN, have not claimed an exemption from quotation, or have been deemed not to have quoted by the ATO. The amount of tax to be withheld and remitted to the ATO is calculated at the highest marginal rate plus the Medicare levy. Investment bodies must ensure that the information provided is up-to-date, accurate and complete. Failure to comply may result in a breach of the Income Tax legislation and/or Privacy legislation. UNCLASSIFIED 2 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT INVESTORS CLAIMING AN EXEMPTION FROM QUOTATION OF A TFN The investor details together with relevant investment income information must be included in the Annual Investment Income report (AIIR). RETENTION OF INFORMATION Under taxation law, investment income information/documents need to be retained by investment bodies for a statutory period of five years. A copy of the data file provided to the ATO must be able to be regenerated on request by the ATO where a problem has been encountered in processing of the information. EXTENSION OF TIME TO LODGE If investment bodies and other organisations are unable to lodge a QTFN report by the due date, they may apply for an extension of time to lodge before the report due date. If additional time is required to lodge the QTFN report email [email protected] The following details should be included in the email request: ABN investment body name reasons for the request, and the date by which the reporter will be able to supply the QTFN report. Confirmation of extensions granted and the expected lodgment date which is set at the time will be provided by email. Generally, further extensions after the set date will not be granted. UNCLASSIFIED 3 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT PRIVACY The Privacy Act 1988 limits the collection, storage, use and disclosure of personal information about individuals by the ATO, other Commonwealth Government departments and agencies, and investment bodies. The TFN guidelines that form part of the Privacy Act 1988 are intended to protect the privacy of individuals by restricting the use and collection of TFN information. Under the Privacy Act 1988, a breach of the guidelines is an interference with the privacy of an individual. Unauthorised use or disclosure of TFNs is an offence and an affected individual may seek compensation. The taxation legislation also places restrictions on the collection, use and disclosure of TFNs. The maximum penalty for a breach of the relevant provisions of the taxation law is a $10,000 fine and/or two years imprisonment. The Privacy Commissioner’s Guidelines to the Australian Privacy Principles and other relevant information sheets are available at www.oaic.gov.au. Private sector provisions in the Privacy Act 1988 also regulate the way that many private sector organisations collect, use, secure and disclose personal information. These principles give individuals the right to know what information an organisation holds about them and a right to correct that information if it is wrong. It is the responsibility of private sector organisations to obtain their own advice on the effect of privacy law, including the Australian Privacy Principles, on their operations. UNCLASSIFIED 4 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT 3 REPORTING PROCEDURES REPORTING FOR THE FIRST TIME If you are a commercial Software developer and developing software for supplying QTFN reports to the ATO for the first time, you should refer to this specification when developing your application. Other information about electronic reporting of the QTFN report is available on the ATO Software developers homepage at http://softwaredevelopers.ato.gov.au The Software developers homepage is maintained by the ATO on behalf of, and in consultation with the software development industry and business advisers. It facilitates the development and listing of software that may assist businesses to meet their obligations under the Taxation system. Commercial software developers are required to register on the Software developers homepage if they wish to list their products on that site. Software developers who do not wish to list their products and investment bodies that develop their own in-house applications for lodging their own reports do not need to register on the Software developers site to access the information available on the site. Subscribing for email updates is recommended to ensure you are notified of any updates and significant issues. REPORTING VIA THE INTERNET Suppliers are able to send the QTFN PC spreadsheet files via the Business and Tax Agent Portals when a data file has been prepared and stored locally. On screen confirmation will be provided once the file has been sent. The ATO will perform data quality and format compatibility checks after the data file is received. 1 1 2 3 4 5 In the Business Portal select Mail from the left menu. Select New message from inbox Select the Debt and lodgment subject topic Select Lodge data report and Next Select Add button and browse and upload the QTFN PC spreadsheet Select Add button and browse and upload the QTFN - Investment body information form or include the following in the body of the email: Registered name of investment body Investment body trading name Investment body ABN Investment body branch number Investment body address Period of report UNCLASSIFIED 5 UNCLASSIFIED 6 7 ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT Contact name, telephone number and email address Select Next Select Send. Spreadsheets submitted to the ATO must not be password protected, encrypted or compressed into a zip file. For more information go to Business Portal Help at portalhelp.ato.gov.au/BP/ADMIN/Mail/ The security features of the Portal addresses the most commonly held concerns over internetbased electronic dealings, namely: authentication (the sender is who they say they are) confidentiality (the communication can only be read by the intended recipient) integrity (the transmission cannot be altered without detection while in transit), and non-repudiation (the sender cannot later deny the transmission and content). For security purposes, QTFN PC spreadsheet data must not be emailed to any ATO address. GETTING STARTED Access to the Portals requires: an ABN – apply online at www.abr.gov.au and an AUSkey – register online at www.auskey.abr.gov.au AUSkey is an online security credential used to protect the client’s security and privacy when using ATO online services. Every person associated with the business who wants to deal with the ATO online on behalf of that ABN will need an AUSkey. Users can have full or limited access to information, which can be changed anytime by using Access Manager in the Portal. The Portal can be accessed from the Online services box in the right hand menu of the ATO website at www.ato.gov.au BACKUP OF DATA It is the responsibility of the supplier to keep backups of data supplied to the ATO, so that data can be re-supplied if necessary. It is the responsibility of the investment body to keep effective records as part of their tax reporting obligations. UNCLASSIFIED 6 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT REPORTING VIA ELECTRONIC STORAGE MEDIA From the 2016 financial year onwards, a QTFN PC spreadsheet file cannot be lodged on electronic storage media.Therefore, information on electronic storage media, including the electronic storage media information form, has been removed. UNCLASSIFIED 7 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT 4 RECORD SPECIFICATIONS SETTING UP THE SPREADSHEET Any PC spreadsheet software may be used to record the QTFN information. The field names and cell positions for the spreadsheet file are contained on pages 11-12. For assistance: email [email protected] call 1800 072 681. Step 1 Open a new spreadsheet. Step 2 Enter the investment body details in cells A1 to C1. Step 3 Add column headings in cells A2 to Q2 Step 4 Enter the investor account details in cells A3 to Q3. Step 5 Continue entering the details of each investment to be reported. The items must be in the order specified in the data tables on pages 11-12. The table also lists the field name headings in full and provides the reference number for the item definition and associated instructions for completion. When all entries have been made, save the spreadsheet. Step 6 Step 7 Step 8 The QTFN report can be provided in Microsoft Excel which is supported by most spreadsheet software. Using the File Save As command, select the appropriate file format and save the file. The filename must include the ABN of the investment body. The spreadsheet file must be named in this format or it will not be able to be processed by the ATO and will be rejected and need to be re-lodged . The QTFN report is now ready to lodge to the ATO. If there are a large number of entries to make, save the spreadsheet file as the entries are being made. Do not save spreadsheet files on separate tabs on one spreadsheet file as this will corrupt the data during upload. See section 6 Example of a QTFN Spreadsheet for an example of a completed spreadsheet file. UNCLASSIFIED 8 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT DESCRIPTION OF TERMS USED IN DATA RECORD SPECIFICATION The following tables show data records and their elements. The tables contain the following columns: Cell position – the start and end position of the field in the record. Field length – maximum characters accepted for the field. Field format – the format type of the field. A is alphabetic (A-Z) – characters in alphabetic fields must be in upper and lower case and left justified. Character positions not used must be left blank. AN is alphanumeric – both upper and lower case alphabetic characters and numeric characters are acceptable. Character positions in alphanumeric fields must be left justified. Character positions not used must be left blank. For example 10 FIRST STREET in a 20 character alphanumeric field would be reported as 10bFIRSTbSTREETbbbbb (the character b is used above to indicate blanks). DT is a date in DDMMCCYY format. If the day or month component is less than 10, insert a leading zero. For example: 26 March 2013 would be reported as 26032013 9 November 2014 would be reported as 09112014. If the date is mandatory it must be a valid date, otherwise see date under the optional field type on the next page. When reporting in Microsoft Excel format, all date fields should be set to text. N is numeric (0-9). Numeric fields must be right justified and the character positions not used must be left blank. For example, 123456789 in an 11 digit field would be reported as 123456789. Values reported in amount fields must be right justified and must not contain alpha characters, dollar signs, commas, plus or minus signs, decimal points or spaces. Character positions not used must be left blank. All amounts must be reported in cents (Australian). When reporting in Microsoft Excel format, all amount field cells should be formatted to general and should not contain formulas. UNCLASSIFIED 9 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT For example, in a 12 character numeric (amount) field: – – – $1,234.99 would be reported as 123499 $122.16 would be reported as 12216 $567.00 would be reported as 56700 Field type – codes used are: M the value in a mandatory field that must be provided. For single character mandatory fields, leaving the field blank is NOT a valid value. ALPHA: field must not start with a blank or be left blank ALPHANUMERIC: field must not start with a blank or be left blank NUMERIC: field must not start with a blank or be left blank DATE: field must not be left blank. Mandatory fields are identified by an asterisk located next to the field name within the QTFN template spreadsheet file. O the data must be reported if available. If the data is not available: ALPHA: if not present, field must be left blank ALPHANUMERIC: if not present, field must be left blank NUMERIC: if not present, field must be left blank DATE: if not present, field must be left blank. C a valid value that must be reported where specified conditions are met. Field name – a brief description of the field. Reference number – the definition reference number. These definitions can be found in section 5 Data field definitions and validation rules. UNCLASSIFIED 10 ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT UNCLASSIFIED The following data records outline the positions of information for investment bodies to record investor details. Read the instructions in Section 4 Record specifications and Section 5 Data Definitions and Edit Rules to ensure that the details provided on the QTFN report are in accordance with these instructions DATA RECORD 1 (ROW 1) Cell Field Position length A1 11 B1 3 C1 8 Field format N N DT Field type M M M Item name Investment body ABN Investment body branch number Report end date Reference number 6.0 6.1 6.2 COLUMN HEADINGS - (ROW 2) Cell Position A2 B2 C2 D2 E2 F2 G2 H2 I2 J2 K2 L2 M2 N2 O2 P2 Q2 Item name Investment reference number Account name Investor entity type Investor Tax file number Investor Australian business number (ABN) Investor surname First given name Second given name Date of birth Filler Non-individual investor name Investor address line 1 Investor address line 2 Suburb, town or city State or territory Postcode Country UNCLASSIFIED Reference number 6.3 6.4 6.5 6.6 6.7 6.8 6.9 6.10 6.11 6.12 6.13 6.14 6.14 6.15 6.16 6.17 6.18 11 ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT UNCLASSIFIED INVESTOR ACCOUNT DETAILS - (ROW 3) Column Field length A 25 B 76 C 1 D 9 E 11 F G H I J K L M N O P Q 30 15 15 8 1 200 38 38 27 3 4 20 Field format AN AN A N N AN AN AN DT A AN AN AN AN A N AN Field type M M M M M C C O M S C M O M M M C Item name Investment reference number Account name Investor entity type Investor Tax file number Investor Australian business number (ABN) Investor surname First given name Second given name Date of birth Filler Non-individual investor name Investor address line 1 Investor address line 2 Suburb, town or city State or territory Postcode Country Reference number 6.3 6.4 6.5 6.6 6.7 6.8 6.9 6.10 6.11 6.12 6.13 6.14 6.14 6.15 6.16 6.17 6.18 The fields for each data record (or row) must be in the order specified above. The filename used should be the ABN of the Investment Body, the quarter and income year. For example nnnnnnnnnnnQn2016xls for Microsoft Excel files UNCLASSIFIED 12 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT 5 DATA DEFINITIONS AND EDIT RULES REPORTING OF ADDRESS DETAILS It is important that address information provided in the report supports the automatic issue of correspondence to investors and investment bodies. To this end, address fields in all records must have a standard structure in reporting two fields (2 lines) of (maximum of 38 characters in each) should be provided for the investor address information (columns L and M) and Suburb/town/city, State/territory and Postcode should have separate fields (columns N, O and P). Where the street address is longer than 2 lines, C/- lines are to be omitted. The Suburb/town/city, State/territory and Postcode must be supplied in the separate fields as specified and MUST NOT be included in the first or second address line fields. Addresses must be in a form to allow delivery of correspondence by Australia Post. The State or territory field - contains the state or territory for the address. One of the following must be reported in the column: ACT NSW NT QLD SA VIC WA TAS OTH Australian Capital Territory New South Wales Northern Territory Queensland South Australia Victoria Western Australia Tasmania Overseas addresses No other abbreviations are acceptable. The Australian postcode field is numeric and must contain a valid postcode or 0000. If the address is in Australia, leave the country field blank. For an overseas address: the postcode field must always be set to 9999 the street address must be provided in the first and second address line fields the town, state or region and area code must be reported in the suburb, town or locality field the state field must always be set to OTH and UNCLASSIFIED 13 ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT UNCLASSIFIED the name of the overseas country is to be provided in the country field. A non-resident investor's address is 275 Park West, Apartment 14F, Ohio USA 10025. It would be entered as follows in the spreadsheet: L M N O P Q Addr 1 Addr 2 Suburb State PC Country 275 PARK WEST APARTMENT 14F OHIO USA 10025 OTH 9999 USA If the investment body has captured more than one address for a non-resident investor and one of those is an Australian address, then the Australian address (including the postcode) must be reported rather than the overseas address REPORTING OF NAME DETAILS For individual investors, the components of the individual's name surname, first given name, second given name must be reported in the separate cells (ie. columns F, G and H) as specified. Titles, prefixes and suffixes (eg. Mr, Mrs, Dr, O.B.E.) MUST NOT be included when reporting names. Multi-word surnames must be separated by a single space. Where the entity has a legal single name only, the First given name and Second given name fields must be blank filled. The legal single name must be provided in the Investor surname field. Non-individual investor name (column K) and Account name (column B) are to be reported in full with one space between words and any initials that occur in the name. However, care must be taken with some non-individual names to differentiate between initials and actual words. For example, W.R. and J.B. Smith (a partnership) would be reported as WbRbANDbJbBbSMITH, but ABC Driving School Pty Ltd would be reported as ABCbDRIVINGbSCHOOLbPTYbLTD The character b is used to indicate blanks. Account signatories Do not report details of any account signatory who is not the investor. In the past, some investment bodies have reported the details of account signatories as well as the actual investor. Such reporting is incorrect and will cause problems when the investment income is matched in the ATO. UNCLASSIFIED 14 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT For example: An account is held in the name of Mrs Mabel Winterbottom, an elderly pensioner. Her daughter Muriel Jones is an account signatory but does not own the funds deposited. The interest paid is to be reported in the name of Mabel Winterbottom in the AIIR, therefore the investor details of Mabel Winterbottom would be reported in the QTFN report ie. there would be one row with Mabel's information. Muriel's details should not appear in the QTFN report. Deceased clients In situations where an individual investor dies during the reporting period, the Investor entity type field in the row for that investor is to be entered as D (deceased individual). The Investor surname and First given and Second given name fields are to be reported as normal. Reporting of dates Date fields (eg. Report end date, date of birth) are to be reported in the format DDMMCCYY. For example, 4 August 2016 would be reported as 04082016. When reporting in Microsoft Excel format, all date fields should be set to text. Reporting of accounts held by trusts Determine whether the trust is a formal trust (ie., established as a legal entity under a formal arrangement) or an informal trust (where there is no formal arrangement in place and there is no requirement to furnish a trust income tax return to the ATO). Trust type Reporting requirement Formal trust Investor entity type = T Trust’s TFN or ABN quoted and reported Only one row of data to be reported for the account Non-individual investor name reported Investor surname, given name fields left blank Informal trust Investor entity type = I, C, S, G or O “Trustee’s” TFN quoted and reported “Trustee’s” surname and given names reported If the investor entity type = I, Non-individual investor name field left blank Full name of account reported in Account name field Separate rows of data reported for each “trustee” (if more than one) UNCLASSIFIED 15 ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT UNCLASSIFIED Example 1 An account held by the ABC Family Trust (a formal trust with TFN 12345678 and an ABN of 10234151168) would be reported as follows in the QTFN report: Note that for formal trusts the name of the trustee MUST NOT be reported in the surname, given name fields. B C D E F G H I J K Account name Entity TFN ABN Surname 1st given name 2nd given name DOB Filler Non-indiv name ABC Family Trust T 12345678 10234151168 T = trust TFN OF TRUST ABC FAMILY TRUST Leave these fields blank for non-individual investors ABN of trust Name of trust (not trustee) ‘ABC FAMILY TRUST’ would also be entered in the Account name field (Column B). Example 2 An account held by William Bruce Brown as trustee for his son Rusty (an informal trust with no Trust TFN - "trustee" has quoted his own TFN) would be reported as follows: B C D E F G H I J K Account name Entity TFN ABN Surname 1st given name 2nd given name DOB Filler Non-indiv name WILLIAM BRUCE BROWN *ATF RUSTY BROWN I 987654321 BROWN WILLIAM BRUCE 24041952 Full name of account on the spreadsheet *ATF= as trustee for UNCLASSIFIED I = individual TFN of trustee Details of Trustee Blank for individuals 16 ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT UNCLASSIFIED Example 3 An account held by Richard and Wendy Jones in trust for their daughter Helen (an informal trust with no Trust TFN or ABN - the joint "trustees" have provided their own TFNs or ABNs) would be reported as follows: B C D E F G H I J K Account name Entity TFN ABN Surname 1st given name 2nd given name DOB Filler Non-indiv name RICHARD AND WENDY JONES *ITF HELEN JONES RICHARD AND WENDY JONES *ITF HELEN JONES I 987654123 JONES RICHARD 06041954 I 678876431 JONES WENDY 16031956 I = individual TFN of trustee Full name of account on the spreadsheet *ITF= in trust for UNCLASSIFIED Details of Trustee 17 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT Reporting of accounts held by partnerships In practice, the determination whether a formal partnership arrangement exists, can be based on the existence of a partnership agreement, whether the partnership entity is required to lodge an income tax return and has a partnership TFN or ABN. On the other hand, if there is no partnership entity for tax purposes, such as a husband and wife joint account, then a separate Individual TFN would generally be quoted by each of the “partners”. Partnership type Reporting requirement Formal partnership Investor entity type = P Partnership’s TFN or ABN quoted Only one investor details reported Name of partnership reported in Non-individual investor name field Investor surname, given name fields left blank Informal partnership Investor entity type = I, C, S, T, P, G or O Two or more TFNs or ABNs quoted Separate Investor details records for each “partner” required Each “partner’s” surname and given names reported in separate rows If the investor entity type = I, Non-individual investor name field left blank Full name of account reported in Account name field If Investor entity type = C, S, T, P, G or O Report name in non-individual name field UNCLASSIFIED 18 ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT UNCLASSIFIED Example 1 An account held by Wilma’s Hairdressing (a partnership of Fred and Wilma Parks with TFN 87690012) would be reported as follows in the QTFN report: Note that for formal partnerships the name of the partners MUST NOT be reported in the surname and given name fields. B C D E F G H I J K Account name Entity TFN ABN Surname 1st given name 2nd giv name DOB Filler Non-indiv name Wilma’s Hairdressing P 87690012 P= partnership FRED PARKS AND WILMA PARKS TFN These fields blank for non-individual investor Name of partnership "WILMA’S HAIRDRESSING" would be entered in the Account name field (Column B). Example 2 A joint account held by Arthur and Kerry Smith no partnership entity and the joint account holders have provided their own TFNs would be reported as follows: 2 investors linked to A/C 2 rows of data B C D E F G H I J K Account name Entity TFN ABN Surname 1st given name 2nd given name DOB Filler Non-indiv name ARTHUR AND KERRY SMITH I 987123456 SMITH ARTHUR ARTHUR AND KERRY SMITH I 678456123 SMITH KERRY Full name of account on the spreadsheet UNCLASSIFIED I = individual TFNs of A/c holders 12121956 JANE Account holder details 14101957 Blank for individual 19 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT Reporting of accounts held by companies, superannuation funds, Government organisations and other non-individuals If the investor is a non-individual then individual investor name fields should not be complete. For example, for an account held by a company, it is required that the registered company name and the company’s TFN/ABN are provided. The name and TFN of the Public Officer or other signatory should not be reported. Investor type Reporting requirement Corporation Investor entity type = C Company’s TFN or ABN quoted Only one investor details reported Registered name of company reported in Non-individual investor name field Investor surname, given name fields blank Superannuation fund Investor entity type = S Superannuation fund TFN or ABN quoted Only one investor details reported Name of fund reported in Non-individual investor name field Trustee’s name, TFN not to be reported Investor surname, given name fields blank Government organisation Investor entity type = G Organisation’s TFN or ABN quoted Only one investor details reported Name of organisation reported in Non-individual investor name field Investor surname, given name fields blank Other nonindividuals Investor entity type = O Entity’s TFN or ABN quoted Only one investor details reported Name of entity reported in Non-individual investor name field Investor surname, given name fields blank Names of individuals should not be reported for corporate and other non-individual accounts (Investor entity type = C, G, O, P, S, or T). UNCLASSIFIED 20 ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT UNCLASSIFIED DATA DEFINITIONS AND EDIT RULES 6.0 Investment body ABN - the ABN of the investment body must be reported in the first cell of the spreadsheet. 6.1 Investment body branch number – the branch number of the investment body providing the report. If the investment body does not have a branch number or the branch number is not known, leave this field blank. 6.2 Report end date – report the end date of the quarter to which the report belongs (ie, the report for the quarter 1 July to 30 September 2016 would be reported as 30092016). 6.3 Investment reference number - contains the account number, other reference number or code that appears on the investor's statement. It must be a number/code that the investor can use to identify the account. The ATO will make reference to this number/code when contacting an investor. 6.4 Account name - the full name of the investment account. 6.5 Investor entity type - identifies the type of entity holding the account. One of the following codes must be reported in this field: Code Description I Individual Individual person holding account either singly or jointly. For example, Fred James Smith, Helen Sarah Bowles. Individual investors can be either single investors or part of a multiple (joint) investment. D Deceased individual Identifies investors who have died during the reporting period. C Corporation Investments held by private and public companies. For example, ABC Pty Ltd, Fred Smith Motors P/L. Joint investment accounts held by two or more companies are usually formal partnership arrangements (joint ventures) and should quote the partnership TFN or ABN of the joint venture rather than the separate company TFN or ABN. See the further notes on reporting of corporate accounts on page 21. P Partnership Investments held by formal partnerships (ie. a formal partnership arrangement exists when there UNCLASSIFIED 21 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT is a requirement for the partnership to have a TFN or ABN and lodge an income tax return.) See the further notes on reporting of partnership accounts on pages 19-20. T Trust See notes on reporting of trusts on pages 15-18. S Superannuation fund Where the account is identified as being held by a formal superannuation fund or where the words "Superannuation Fund" are contained in a nonindividual investor's name report S in this field. See the further notes on reporting of superannuation fund accounts on page 21. G Government organisation Where the type of entity is a government organisation. See the further notes on reporting of Government organisation accounts on page 21. O Other non-individual Where the type of non-individual entity cannot be determined, report O in this field. See the further notes on reporting of other nonindividual accounts on page 21. Investor entity type field must be reported as D, C, G, I, O, P, S or T. 6.6 Investor Tax file number - the TFN quoted by the investor or an appropriate TFN code must be reported in this field. An investment body need not report cases in the QTFN report where an investor claims an exemption from quoting, or chooses not to quote either a TFN or an ABN in respect of an investment. However the investor details together with the relevant income information must be included in the AIIR. TFNs currently contain 8 or 9 numeric characters. Any 8 or 9 character value quoted as a TFN should be reported in this field. Use of the TFN algorithm will reduce the number of invalid TFNs quoted. This in turn will reduce the number of invalid TFN letters sent to investors, the number of investors required to re-quote TFNs to the investment bodies and the number of investors deemed not to have quoted by the ATO. UNCLASSIFIED 22 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT Where the number quoted has more than 9 characters, report that number using the TFN code 987654321, unless it is 11 characters in length with the first character non-zero – this indicates that the number is an ABN. Where an investor has quoted a TFN with alpha characters, the code 987654321 must be used in place of the quoted TFN. See instructions for obtaining the TFN algorithm in Section 7. 6.7 Investor Australian Business number (ABN) – where the investor has provided an ABN it must be reported in this field. The ABN may be quoted as an alternative to the TFN where the investment is related to the investor’s business. An ABN contains 11 numeric characters and the first character is always non-zero. Where the investor does not quote an ABN this field must be blank filled. Use of the ABN algorithm to validate quoted ABNs will help reduce the number of invalid ABNs quoted. This in turn will reduce the number of invalid ABN letters sent to investors, the number of ABNs re-quoted to investment bodies and the number of investors deemed not have quoted. The ABN algorithm can be found on the ATO website at www.ato.gov.au. 6.8 Investor surname - the Investor’s surname. This field is mandatory if the investor is an individual. If the Investor entity type field = C, G, O, P, S, or T then the Investor surname field must be blank filled. 6.9 First given name - this field is mandatory where the investor is an individual (i.e. not a company, partnership, trust or other non-individual entity) this field must contain the investor’s first given name. If the given name is not stored, the investor’s first initial must be provided. Where the investor is a non-individual entity this field must be blank filled. If Type of investor field = I or D then first given name field must be present. If Type of investor field = C, G, O, P, S, or T then First given name field must be blank. 6.10 Second given name - where the investor is an individual (ie. not a company, partnership, trust or other non-individual entity) this field should contain the investor's second given name. If the second given name is not stored, the individual's second initial must be provided. If the investor does not have a second given name or the account is held by a non-individual entity, this field must be blank. UNCLASSIFIED 23 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT Where the investor has more than two given names, the third and subsequent given names or initials are not to be provided. 6.11 Date of birth -(individual investors only). This field is mandatory for those investors, who are minors, and claiming the tax free threshold for minors. For other individual investors, the field is optional. However, investment bodies that have captured this information are requested to provide it to assist the ATO in its client identity verification process. If only a year of birth has been captured, report this field with the day and month zero filled. For example – year of birth 1956 report as 00001956. This field must be blank filled for non-individual investors and for those individuals where the data is unavailable. 6.12 Filler - this field is no longer used. It must be left blank. 6.13 Non-individual investor name - this field is mandatory where the investor is not an individual (ie, is a company, partnership, trust or other non-individual entity). It must contain the full name of the non-individual entity. For individual investors this field must be blank filled. If Type of investor field = I or D then Non-individual investor name field must be blank. If Type of investor field = C, G, O, P, S, or T then Non-individual investor name field must be present. 6.14 Investor address (lines 1 and 2) - lines 1 and 2 contain the postal address (excluding suburb, town or locality, state or territory, postcode and country) for the investor. It may not be necessary to use both lines. If the second line is not used then it must be blank filled. 6.15 Suburb, town or city - contains the suburb, town or city from the investor's address. 6.16 State or territory - contains the state or territory for the investor's address. The field must contain one of the appropriate codes (see page 13-14). If an overseas address is specified, then this field must be set to OTH. 6.17 Postcode - contains the postcode from the investor's address. If an overseas address is specified, then this field must be set to 9999. 6.18 Country - contains the country for the investor's address. This field must be left blank if the country is Australia. If the postcode is 9999 then this field must be a country other than Australia, if an overseas address is reported. UNCLASSIFIED 24 ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT UNCLASSIFIED 6 EXAMPLE OF A QTFN SPREADSHEET ABC Investments Pty Ltd (ABN 10223415678) the ABN in the spreadsheet has 112 new quotations on investor details to be reported on their QTFN report. Details of the first 4 accounts are: Account 1001 – John Walter Fredrick (individual account) Account 1002 – Judith and Fred May (joint account) Account 1003 – F & C Constructions Pty Ltd (company account) Account 1004 – Kitchen Investments (a partnership of Ray Kitchen, Wilma Briggs and June Kitchen) The spreadsheet (for the above 4 accounts) would be completed as follows: Investment body ABN in Column A/Row 1 Investment body branch number is reported here. Report end date in this cell A B C 1 12345678211 123 30092006 2 Investment reference number Account name 3 1001 4 Two investors in one account Details of first account entered in Row 3 D E F G Entity TFN ABN Surname First name John W Fredrick I 123000987 Fredrick John 1002 Judith and Fred May I 122123789 May Judith 5 1002 Judith and Fred May I 145876001 May Frederick 6 1003 F & C Constructions Pty Ltd C 89700128 12102678923 7 1004 Kitchen Investments P 78609812 12267890324 Column headings in Row 2 Two rows of details for joint account UNCLASSIFIED One row for partnership investor One row for company investor 25 ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT UNCLASSIFIED H I J K L M N O P Q 2 Second name DOB Filler Non-individual name Investor address line 1 Investor address line 2 Suburb State PC Country 3 Walter 15031957 123 Fern Gully Road North Sydney NSW 2060 17021963 56 Waters Street Artarmon NSW 2064 25121960 56 Waters Street Artarmon NSW 2064 1 4 5 George 6 F & C Constructions Pty Ltd Shop 12 Big Mall Antler Street Penrith NSW 2750 7 Raymond Kitchen, June Kitchen and Wilma Briggs c/- W Briggs 67 Warner Road Parramatt a NSW 2150 These fields left blank for non-individual entities UNCLASSIFIED This field left blank for individuals 26 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT 7 ALGORITHMS ABN ALGORITHM The ABN algorithm is a mathematical formula that tests the validity of numbers quoted as ABNs. Use of the algorithm is required, as it will minimise ABN errors and may subsequently reduce the need for contact between clients and the ATO. It is available from www.ato.gov.au by searching for ABN format. TFN ALGORITHM The TFN algorithm is a mathematical formula that tests the validity of numbers quoted as TFNs. Its use in software is recommended as it will minimise TFN errors and may subsequently reduce the need for contact between investment bodies and other organisations or their clients and the ATO. Use of the TFN Algorithm does not negate an investment body’s obligation to lodge a QTFN report when a new TFN or ABN is quoted in connection with an investment, during a reporting period. The ATO will make the algorithm available on request to persons or organisations with a bona fide business need to use it. In order to obtain the TFN algorithm the following information will need to be provided: name of the organisation or person requesting the algorithm contact person including phone number business address, and explanation of the business need for the algorithm. The above information can be sent in the following ways: by email to [email protected] or provided online at http://softwaredevelopers.ato.gov.au/TFNalgorithm To find out more about the TFN algorithm or its use contact the Software Industry Partnership Office (SIPO) on 1300 139 052 (toll free) or by email [email protected] UNCLASSIFIED 27 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT 8 RETURNS FROM ATO Receiving corrected TFN/ABN data from the ATO Investment bodies and suppliers that lodge their quarterly QTFN report on a spreadsheet will receive paper notifications. Updating of TFN/ABN field by investment bodies When investment bodies receive the corrected QTFN report data from the ATO they are required to update the TFN or ABN field in the corresponding investor records in their database. The original TFN or ABN for the investor, the Investment reference number and Investor name fields provided by the investment body in the original QTFN report should be used to ensure that the appropriate investor record is being updated. Once an investment body has made sure that it has matched a Return data investor record to the appropriate investor record in their database, then the TFN or ABN for that investor should be replaced by the number in the Corrected investor TFN or Corrected investor ABN field. If the Original investor TFN or Original investor ABN fields do not match the TFN or ABN held by the investment body, then the details of that investor and the new TFN or ABN should be included in the next quarterly QTFN report sent to the ATO. Investors deemed not to have quoted a TFN/ABN Where the ATO is unable to find the TFN or ABN for an investor on its Client Register, the investor is deemed not to have quoted. Where the investor is deemed not to have quoted, the investment body is required to withhold from future payments of investment income subject to withholding arrangements, tax at the highest marginal rate plus the Medicare levy, until the investor either quotes a TFN or ABN in relation to the investment, or claims an exemption from quoting. Those investors deemed not to have quoted are contacted by the ATO and advised to quote their correct TFN or ABN to the investment body to avoid the imposition of the withholding tax. UNCLASSIFIED 28 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT 9 MORE INFORMATION REPORTING BY PC SPREADSHEET If anything in this specification requires clarification, direct these enquiries to: Phone 1800 072 681 email to [email protected] For information on electronic reporting, direct these enquiries to [email protected] SOFTWARE DEVELOPERS HOMEPAGE Software developers, both in-house and commercial, who are developing or updating electronic reporting software, should use this specification for developing their application. The Software developers homepage at http://softwaredevelopers.ato.gov.au has been designed to facilitate a partnership between the software development industry and the ATO and provides the following: a self-testing model allowing software developers to check their product, package, program or system against ATO test scenarios or relevant format testing, access to information relevant to all software developers to assist in the development of tax-related software, and a software product register which tax agents and businesses can access to find products that will assist in meeting tax-related obligations. Lodging the Declaration of Compliance automatically lists the product(s) on the Software developers homepage Product register. Software developers that have listed their product on the Product register may direct users to the website at http://softwaredevelopers.ato.gov.au for confirmation that the product has met ATO requirements. Developers who do not need to register in order to list products may still receive emails detailing significant issues by using the subscription service available from the site. Registering or subscribing for updates is recommended for both in-house and commercial software developers. For more information on the Software developers homepage, contact SIPO: phone 1300 139 052 email [email protected] UNCLASSIFIED 29 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT 10 FORMS The following forms are provided for use by investment bodies lodging QTFN reports: Investment body information form UNCLASSIFIED 30 UNCLASSIFIED ELECTRONIC REPORTING SPECIFICATION – QTFN AND ABN PC SPREADSHEET FORMAT QTFN report – Investment body information Attach this form to your QTFN lodgment or alternatively provide this information in the body of the email when lodging the QTFN report via the Business portal. Registered name of investment body Investment body trading name Investment body Australian Business Number (ABN) Investment body branch number Investment body address Line 1 Line 1 Line 2 Suburb, Town or City State/Territory Country Period of Report Postcode to Contact name Contact telephone number Contact fax number Contact e-mail address If you need further information on lodging this form or the QTFN report. Phone 1800 072 681 email to [email protected] UNCLASSIFIED 31