TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA.

Chapter 5 - Administration  

PART 5-25 - RECORD-KEEPING AND OTHER OBLIGATIONS RELATING TO TAXPAYERS  

Division 396 - Third party reporting  

Subdivision 396-C - Common Reporting Standard  

Operative provisions

SECTION 396-136   REPORT ON REPORTABLE ACCOUNTS MAINTAINED BY AUSTRALIAN REPORTING FINANCIAL INSTITUTIONS  

396-136(1)  
This section applies if:


(a) the Commissioner receives one or more statements under subsection 396-105(2) in relation to:


(i) the 2018 calendar year; or

(ii) a calendar year commencing after 2018; and


(b) the statement contains information about a Reportable Account (within the meaning of the CRS); and


(c) the total number of accounts of the kind mentioned in paragraph (b) for a jurisdiction (other than Australia) that is a Reportable Jurisdiction (within the meaning of the CRS) (the relevant jurisdiction ) for the calendar year is 6 or more.

396-136(2)  
The Commissioner must, no later than 31 December of the year following the calendar year, prepare and give to the Minister a report that sets out for each relevant jurisdiction in relation to the calendar year the following information:


(a) the total number of accounts of the kind mentioned in paragraph (1)(b);


(b) the sum of the amounts in those accounts.

396-136(3)  
The Minister must cause a copy of the report given under subsection (2) to be tabled in each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.

396-136(4)  
The report given under subsection (2) is not a legislative instrument.




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