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-A - FATCA  

Operative provisions

SECTION 396-10   STATEMENTS ABOUT PAYMENTS TO NONPARTICIPATING FINANCIAL INSTITUTIONS  

396-10(1)    
Subsection (2) applies if:


(a) an entity is a Reporting Australian Financial Institution (within the meaning of the *FATCA Agreement) at any time in a calendar year; and


(b) the calendar year is the 2015 or 2016 year; and


(c) the entity makes a payment to a Nonparticipating Financial Institution (within the meaning of the FATCA Agreement) at any time in the year.

396-10(2)    
The entity must give the Commissioner a statement that contains the information in respect of that payment that the Australian Government is required to obtain in order for it to fulfil its obligations under the *FATCA Agreement in respect of that payment.

Note:

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


396-10(3)    
The information contained in the statement must be determined by the entity by applying the due diligence procedures required under the *FATCA Agreement.

Note:

Those due diligence procedures are specified in Annex I to the FATCA Agreement, subject to the application of Article 7 of that Agreement (consistency in the application of FATCA to partner jurisdictions).


396-10(4)    
A statement under subsection (2) must be in the *approved form.

396-10(5)    
More than one statement under subsection (2) may be included in the same document.

396-10(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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