124WRequirements for applications to establish tax pooling accounts

1. An application to establish a tax pooling account must contain—

2. the applicant’s full name, address, and tax file number; and
3. a statement that the applicant—
   1. will operate systems that allow them to meet the requirements set out in section 124U(1); and
   2. will maintain and operate the systems to meet those requirements; and
4. confirmation that the applicant will establish a trust account into which they agree to pay amounts received in their role as intermediary; and
5. an undertaking that, before acting as intermediary for a taxpayer, the applicant will inform the taxpayer of the following matters:
   1. the operation of the tax pooling account is not subject to the Commissioner’s oversight or audit:
   2. the Commissioner has no liability for any loss related to the tax pooling account:
   3. the applicant is fit to operate the tax pooling account as required by section 124V:
   4. the applicant has met the requirements set out in paragraphs (a) to (c).

6. The Commissioner may approve an application to establish a tax pooling account if the Commissioner is satisfied that the applicant—

7. is able to operate the account correctly; and
8. has systems to allow them to make payments and provide information in the format required by the Commissioner.