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  

Guide to Subdivision 396-A

SECTION 396-1   WHAT THIS SUBDIVISION IS ABOUT  


This Subdivision gives effect to the FATCA Agreement between the Government of Australia and the Government of the United States of America.

Reporting Australian Financial Institutions must give the Commissioner certain information about U.S. Reportable Accounts. For the 2015 and 2016 calendar years, they must also give the Commissioner information about payments made to Nonparticipating Financial Institutions.

This Subdivision also creates record-keeping obligations in relation to the requirements to give the Commissioner information.


TABLE OF SECTIONS
TABLE OF SECTIONS
396-5 Statements about U.S. Reportable Accounts
396-10 Statements about payments to Nonparticipating Financial Institutions
396-15 Meaning of the FATCA Agreement
396-20 Permissions and elections
396-25 Record keeping


 

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