Tax Laws Amendment (Implementation of the Common Reporting Standard) Act 2016 (23 of 2016)

Schedule 1   Common Reporting Standard

Part 1   Main amendments

Taxation Administration Act 1953

2   After section 288-80 in Schedule 1

Insert:

288-85 Failure by Reporting Financial Institution to obtain self-certification

An entity that:

(a) is:

(i) a Reporting Financial Institution (within the meaning of the *CRS); or

(ii) an institution that a notice under subsection 396-130(5) requires to act as a Reporting Financial Institution; and

(b) is required to obtain a self-certification, in relation to an account maintained by the institution, when applying the due diligence procedures described in the CRS; and

(c) fails to obtain the self-certification:

(i) if the account is a Reportable Account (within the meaning of the CRS) or an account that a notice under subsection 396-130(2) requires the entity to treat as a Reportable Account - by the time by which a statement under subsection 396-105(2) relating to the account must be given to the Commissioner; or

(ii) otherwise - by the time by which such a statement would be required to be given to the Commissioner if the account were such a Reportable Account;

is liable to an administrative penalty of 1 penalty unit.