TAXATION ADMINISTRATION ACT 1953
Note: See section 3AA .Chapter 5 - Administration
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.
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.
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.
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.
Section 388-55 allows the Commissioner to defer the time for giving an approved form.