Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
Note: See section 3AA .
Chapter 5 - Administration
PART 5-25
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RECORD-KEEPING AND OTHER OBLIGATIONS RELATING TO TAXPAYERS
Division 396
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Third party reporting
Subdivision 396-A
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FATCA
Guide to Subdivision 396-A
SECTION 396-1
WHAT THIS SUBDIVISION IS ABOUT
This Subdivision gives effect to the FATCA Agreement between the Government of Australia and the Government of the United States of America.
Reporting Australian Financial Institutions must give the Commissioner certain information about U.S. Reportable Accounts. For the 2015 and 2016 calendar years, they must also give the Commissioner information about payments made to Nonparticipating Financial Institutions.
This Subdivision also creates record-keeping obligations in relation to the requirements to give the Commissioner information.
396-5 | Statements about U.S. Reportable Accounts |
396-10 | Statements about payments to Nonparticipating Financial Institutions |
396-15 | Meaning of the FATCA Agreement |
396-20 | Permissions and elections |
396-25 | Record keeping |
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