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 396-115   MATTERS COMMON REPORTING STANDARD LEAVES TO DOMESTIC LAW   Defined terms

396-115(1)  
For the purposes of subparagraph B(1)(c) of Section VIII of the *CRS, the following Entities (within the meaning of the CRS) are defined as Non-Reporting Financial Institutions:


(a) an Entity (other than a *self managed superannuation fund or a *small superannuation fund) to which any of the following paragraphs of Annex II of the *FATCA Agreement applies:


(i) paragraph A (government entity), B (international organisation) or C (central bank) of section I;

(ii) paragraph A (retirement fund) of section II;


(b) an Entity the Minister prescribes by legislative instrument.

396-115(2)  
Subparagraph (1)(a)(i) does not apply with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or Depository Institution (within the meaning of the *CRS).

396-115(3)  
For the purposes of subparagraph C(17)(g) of Section VIII of the *CRS, the following accounts are defined as Excluded Accounts:

(a)  an account to which any of the following subparagraphs of paragraph A of section V of Annex II of the *FATCA Agreement applies:


(i) subparagraph (1) (retirement and pension accounts);

(ii) subparagraph (3) (certain other tax-favoured accounts);

(aa)  

a *self managed superannuation fund account;

(ab)  

a *small superannuation fund account;

(b)  an account the Minister prescribes by legislative instrument.

Elections by entities

396-115(4)  
To the extent that the *CRS gives Australia the ability to provide for an entity to make an election in determining obligations under the CRS, assume that the entity may make the election. Modifications mentioned in CRS Commentary

396-115(5)  
The *CRS has effect with the following modifications mentioned in the *CRS Commentary:


(a) the inclusion mentioned in paragraph 13 of the Commentary on Section VII concerning Special Due Diligence Requirements;


(b) the 2 replacements mentioned in paragraph 82 of the Commentary on Section VIII concerning Defined Terms.




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