The ATO has issued a specific privacy notice detailing how personal and organisational information collected during Substituted Accounting Period (SAP) applications is handled. The notice, effective from 27 August 2026, references the Privacy Act 1988 and the Taxation Administration Act 1953, outlining the purposes of collection, disclosure permissions to other government agencies, and the applicant’s rights to access and correct their information.
Key Takeaways
- Information Collected: Includes entity details, contact information, reasons for SAP request, and supporting financial documentation.
- Disclosure Scope: Information may be shared with the Australian Securities and Investments Commission (ASIC), the Australian Prudential Regulation Authority (APRA), and foreign tax authorities under exchange-of-information agreements.
- Retention and Security: Records are retained in accordance with the Archives Act 1983 and protected by ATO security policies aligned with the Australian Government Information Security Manual.
Disclaimer: This article is compiled and summarized by the AI based on publicly available information and is for general information purposes only. It does not constitute any form of formal tax advice, legal opinion, or basis for performance. Please consult a qualified professional tax advisor or legal counsel for tax advice.
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