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 396-120   APPLICATION OF COMMON REPORTING STANDARD   Scope of this section

396-120(1)  
This section applies:


(a) for the purposes of section 288-85 (Failure by Reporting Financial Institution to obtain self-certification); and


(b) for the purposes of this Subdivision:


(i) in determining whether the conditions in subsection 396-105(1) are satisfied; and

(ii) in determining which information the *CRS states a Reporting Financial Institution must report.
General reporting requirements

396-120(2)  
Paragraph F of Section I of the *CRS is to be disregarded. Reportable and Participating Jurisdictions

396-120(3)  
All jurisdictions (other than Australia) are to be treated as Reportable Jurisdictions.

396-120(4)  
Without limiting subparagraph D(5) of Section VIII of the *CRS, Australia is to be treated as a Participating Jurisdiction. Accounts

396-120(5)  
Without limiting subparagraph D(1) of Section VIII of the *CRS, an account maintained by a Reporting Financial Institution for an entity is treated as being a Reportable Account (within the meaning of the CRS) if:


(a) the Reporting Financial Institution does not apply the due diligence procedures described in the CRS in relation to the account; and


(b) the CRS does not state that the account is not required to be identified; and


(c) the account would be such a Reportable Account if the Reporting Financial Institution applied those procedures.

396-120(6)  
The date provided for in subparagraph C(9) of Section VIII of the *CRS (about Preexisting Accounts) (as affected by paragraph 396-115(5)(b) in this Schedule) is taken to be 30 June 2017.

396-120(7)  
A reference in the *CRS to a New Account is treated as being a reference to a Financial Account maintained by a Reporting Financial Institution that is not a Preexisting Account. Dollar amounts

396-120(8)  
An entity may choose to treat all dollar amounts in the *CRS as being in Australian dollars.

Note:

Otherwise, all dollar amounts are in United States dollars: see subparagraph C(4) of Section VII of the CRS.




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