Treasury Laws Amendment (2018 Measures No. 4) Act 2019 (8 of 2019)

Schedule 8   Miscellaneous amendments

Part 2   Amendments to application provisions

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

2   Subitem 15(3) of Schedule 1

Repeal the subitem, substitute:

Reporting of Lower Value Accounts

(3) For the purposes of (and without limiting) subsections 396-105(1) and (2) in Schedule 1 to the Taxation Administration Act 1953, as amended by this Schedule, an account maintained by a Reporting Financial Institution at any time in the 2018 calendar year is treated as being a Reportable Account (within the meaning of the CRS) at that time if the account:

(a) is a Lower Value Account (within the meaning of the CRS); and

(b) has not been included in a statement under subsection 396-105(2) in that Schedule for the 2017 calendar year; and

(c) at that time, would be a Reportable Account (within the meaning of the CRS) if the Reporting Financial Institution applied the due diligence procedures described in the CRS in relation to the account at that time.