Taxation Administration Act 1953
Note: See section 3AA .Chapter 5 - Administration
Australian Financial Institutions must give the Commissioner certain information about accounts of foreign residents. This obligation is based on the Common Reporting Standard.
This obligation will assist the Australian Government to exchange information with other jurisdictions in accordance with international agreements, such as the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, done at Strasbourg on 25 January 1988.
In 2015, the text of the Convention was available on the OECD ' s website (http://www.oecd.org).
The purpose of the Common Reporting Standard is to reduce international tax evasion. It sets out due diligence procedures for financial institutions to apply to identify account holders that are foreign tax residents, and provides for financial institutions to report information with respect to such account holders.
This Subdivision also creates record-keeping obligations in relation to the requirement to give the Commissioner information.
This Subdivision also requires the Commissioner to report on certain Reportable Accounts that are maintained by Australian Reporting Financial Institutions.
|396-105||Statements about Reportable Accounts|
|396-110||Meaning of CRS|
|396-115||Matters Common Reporting Standard leaves to domestic law|
|396-120||Application of Common Reporting Standard|
|396-135||Application of penalty to false or misleading self-certification|
|396-136||Report on Reportable Accounts maintained by Australian Reporting Financial Institutions|