Taxation Administration Act 1953
SCHEDULE 1
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COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES
PART 4-25
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CHARGES AND PENALTIES
Division 288
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Miscellaneous administrative penalties
SECTION 288-85
288-85
FAILURE BY REPORTING FINANCIAL INSTITUTION TO OBTAIN SELF-CERTIFICATION
An entity that:
(a) is:
(b) is required to obtain a self-certification, in relation to an account maintained by the institution, when applying the due diligence procedures described in the CRS; and
(c) fails to obtain the self-certification:
View history note
Hide history noteNote: See section 3AA .
Chapter 4 - Generic assessment, collection and recovery rulesAn entity that:
(a) is:
(i) a Reporting Financial Institution (within the meaning of the *CRS); or
(ii) an institution that a notice under subsection 396-130(5) requires to act as a Reporting Financial Institution; and
(b) is required to obtain a self-certification, in relation to an account maintained by the institution, when applying the due diligence procedures described in the CRS; and
(c) fails to obtain the self-certification:
(i) if the account is a Reportable Account (within the meaning of the CRS) or an account that a notice under subsection 396-130(2) requires the entity to treat as a Reportable Account - by the time by which a statement under subsection 396-105(2) relating to the account must be given to the Commissioner; or
(ii) otherwise - by the time by which such a statement would be required to be given to the Commissioner if the account were such a Reportable Account;
is liable to an administrative penalty of 1 penalty unit.
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