Taxation Administration Act 1953
Note: See section 3AA .Chapter 5 - Administration
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 entity maintains a U.S. Reportable Account (within the meaning of the FATCA Agreement) at any time in the year. 396-5(2)
The entity must give the Commissioner a statement that contains the information in respect of that U.S. Reportable Account that the Australian Government is required to obtain in order for it to fulfil its obligations under the *FATCA Agreement in respect of that U.S. Reportable Account.
Section 286-75 provides an administrative penalty for breach of this subsection.
The information contained in the statement must be determined by the entity by applying the due diligence procedures required under the *FATCA Agreement.
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).396-5(4)
A statement under subsection (2) must be in the *approved form. 396-5(5)
More than one statement under subsection (2) may be included in the same document. 396-5(6)
The statement must be given to the Commissioner no later than the first 31 July after the end of the calendar year.
Section 388-55 allows the Commissioner to defer the time for giving an approved form.