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 396-105   STATEMENTS ABOUT REPORTABLE ACCOUNTS  

396-105(1)  
Subsection (2) applies if:


(a) at any time in a calendar year, an entity:


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

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


(b) at that time in the year, the entity:


(i) is resident in Australia (within the meaning of the CRS); or

(ii) is a branch located in Australia (within the meaning of the CRS); and


(c) at any time in the year, the entity maintains:


(i) a Reportable Account (within the meaning of the CRS); or

(ii) an account that a notice under subsection 396-130(2) requires the entity to treat as a Reportable Account.
Note:

Subsection 396-120(3) applies the CRS to all jurisdictions.

396-105(2)  
The entity must give the Commissioner a statement that contains in respect of the account the information that the *CRS states the entity must report.

Note:

Section 286-75 provides an administrative penalty for breach of this subsection.

396-105(3)  
Whether an entity maintains a Reportable Account (within the meaning of the *CRS) must be determined by the entity by applying the due diligence procedures described in the CRS.

Note:

Section 288-85 provides an administrative penalty for failing to obtain a self-certification in relation to the account when applying the due diligence procedures.

396-105(4)  
A statement under subsection (2) must be in the *approved form.

396-105(5)  
More than one statement under subsection (2) may be included in the same document.

396-105(6)  
The statement must be given to the Commissioner no later than the first 31 July after the end of the calendar year.

Note:

Section 388-55 allows the Commissioner to defer the time for giving an approved form.




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