142I Failures to meet requirements under Part 11B to provide information, including self-certifications

(1)

This section applies to a person or entity (the information provider) required under Part 11B to provide information, including a self-certification, relating to a person or entity for a financial account.

(2)

The information provider is liable to pay a penalty of $1,000 if the information provider—

(a)

provides false information, other than a self-certification, relating to the information provider:

(b)

signs or otherwise affirms a false self-certification for the information provider:

(c)

provides false information, other than a self-certification, relating to another person or entity:

(d)

provides a false self-certification for another person or entity:

(e)

fails to provide information, other than a self-certification, relating to the information provider within a reasonable time after receiving a request for which the information is required to be provided:

(f)

fails to sign, or otherwise affirm, and provide a self-certification relating to the information provider within a reasonable time after receiving a request for which the self-certification is required to be provided:

(g)

fails to provide information, other than a self-certification, relating to another person or entity within a reasonable time after receiving a request for which the information is required to be provided:

(h)

fails to provide a self-certification relating to another person or entity within a reasonable time after receiving a request obliging the self-certification to be provided:

(i)

after providing a person or entity with a self-certification or other information, fails to inform the person or entity of a material change in the circumstances relating to the self-certification or information within a reasonable time after the information provider becomes aware of the change.

(3)

An information provider is not liable to pay a penalty under subsection (2) for a failure to provide information, including a self-certification, within the control of the information provider, if the Commissioner is satisfied that the failure occurred through no fault of the information provider.

(4)

An information provider is not liable to pay a penalty under subsection (2) for a failure to provide information, including a self-certification, relating to another person or entity and not within the control of the information provider, if the Commissioner is satisfied that the information provider makes reasonable efforts to meet the requirement.

(5)

The due date for payment of a penalty imposed under this section is the later of—

(a)

30 days after the date on which the Commissioner issues the notice of assessment for the penalty:

(b)

the date specified by the Commissioner in the notice of assessment as being the due date for payment of the penalty.

Section 142I: inserted, on 1 July 2017, by section 17 of the Taxation (Business Tax, Exchange of Information, and Remedial Matters) Act 2017 (2017 No 3).