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 396-130   ANTI-AVOIDANCE PROVISIONS   Commissioner may require an account to be treated as a Reportable Account

396-130(1)  
The Commissioner may require an entity that:


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


(b) is a Financial Institution that a notice under subsection (5) requires to act as a Reporting Financial Institution;

to treat an account the institution maintains or has maintained as if it is a Reportable Account (within the meaning of the CRS), if the Commissioner reasonably believes that:


(c) the account would not be, or would not have been, such a Reportable Account if the Commissioner had not made such a requirement; and


(d) the Reporting Financial Institution or the Account Holder (within the meaning of the CRS) undertook a transaction, or entered into an *arrangement:


(i) for the purpose of causing the account not to be such a Reportable Account; or

(ii) for 2 or more purposes of which that purpose is the dominant purpose.

396-130(2)  
The Commissioner must give written notice of the requirement to the Reporting Financial Institution.

396-130(3)  
The Reporting Financial Institution may object, in the manner set out in Part IVC , against the Commissioner ' s decision to give the notice. Commissioner may require a Financial Institution to act as a Reporting Financial Institution

396-130(4)  
The Commissioner may require an entity that is a Financial Institution (within the meaning of the *CRS) to act as if it is a Reporting Financial Institution (within the meaning of the CRS), if the Commissioner reasonably believes that:


(a) the institution would not be, or would not have been, such a Reporting Financial Institution if the Commissioner had not made such a requirement; and


(b) the Financial Institution undertook a transaction, or entered into an *arrangement:


(i) for the purpose of causing the institution not to be such a Reporting Financial Institution; or

(ii) for 2 or more purposes of which that purpose is the dominant purpose.

396-130(5)  
The Commissioner must give written notice of the requirement to the institution.

396-130(6)  
The institution may object, in the manner set out in Part IVC , against the Commissioner ' s decision to give the notice.




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