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

Schedule 1   Common Reporting Standard

Part 2   Amendments contingent on the Tax and Superannuation Laws Amendment (2015 Measures No. 5) Act 2015

Taxation Administration Act 1953

19   Section 396-1A in Schedule 1

Repeal the section, substitute:

396-1A What this Division is about

This Division requires:

(a) financial institutions to give to the Commissioner information for the purposes of the FATCA Agreement and the Common Reporting Standard; and

(b) certain entities to give to the Commissioner information about transactions that could have tax consequences for other entities.