Taxation Administration Act 1953
Note: See section 3AA .Chapter 5 - Administration
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
General reporting requirements 396-120(2)
(ii) in determining which information the *CRS states a Reporting Financial Institution must report.
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.
Otherwise, all dollar amounts are in United States dollars: see subparagraph C(4) of Section VII of the CRS.
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