Source: Taxation In Australia Journal Article
Published Date: 1 Dec 2012
The recent decision of the Full Court of the Federal Court in Australia and New Zealand Banking Group Ltd v Konza confirms the breadth of the Commissioner’s power to obtain foreign bank account details under s 264(1)(a) of the Income Tax Assessment Act 1936 (Cth). The decision makes it clear that an addressee may be in breach of its statutory obligation under s 264 even though, if prosecuted under s 8C of the Taxation Administration Act 1993 (Cth), it may be able to establish as a complete defence that it was not capable of complying. In this article, the author examines the decision and its implications in detail.
The author notes that this case concerned information held in Australia by an addressee in Australia. Whether the position is the same if the information is not in Australia, but is accessible to the addressee in Australia, is moot.
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