Subdiv 396-C inserted by No 23 of 2016, s 3 and Sch 1 item 13, effective 19 March 2016. No 23 of 2016 (as amended by No 8 of 2019), s 3 and Sch 1 items 14 and 15 contain the following application and transitional provisions:
14 Application of amendments and CRS
14(1)
The amendments made apply to:
(a)
the period from 1 July 2017 to 31 December 2017, as if the period were a calendar year; and
(b)
2018 and later calendar years.
14(2)
The date provided for in the CRS as mentioned in column 1 of an item of the following table is taken to be the date mentioned in column 2 of the item:
|
Dates
|
|
Item
|
Column 1
Date provided for in the CRS
|
Column 2
Actual date
|
| 1 |
the date provided for in subparagraph C(6) of Section III |
30 June 2017 |
| 2 |
the date provided for in paragraph D of Section III |
(a) |
in relation to a Preexisting Individual Account (within the meaning of the CRS) that is a Lower Value Account (within the meaning of the CRS)
-
31 July 2019; and |
| |
|
(b) |
in relation to a Preexisting Individual Account that is a High Value Account (within the meaning of the CRS)
-
31 July 2018 |
| 3 |
the date provided for in paragraph A of Section V |
30 June 2017 |
| 4 |
the dates provided for in paragraph B of Section V |
30 June 2017 |
| 5 |
the first occurring date provided for in subparagraph E(1) of Section V |
30 June 2017 |
| 6 |
the last occurring date provided for in subparagraph E(1) of Section V |
31 July 2018 |
| 7 |
the date provided for in subparagraph E(2) of Section V |
30 June 2017 |
| 8 |
the date provided for in subparagraph B(8)(b) of Section VIII |
1 July 2017 |
| 9 |
the date provided for in subparagraph C(14) of Section VIII |
30 June 2017 |
| 10 |
the first occurring date provided for in subparagraph C(15) of Section VIII |
30 June 2017 |
| 11 |
the date provided for in subparagraph C(17)(f)(ii) of Section VIII |
1 July 2017 |
14(3)
For the purposes of:
(a)
subparagraph C(6) of Section III of the CRS; and
(b)
paragraphs A and B and subparagraph E(2) of Section V; and
(c)
subparagraph C(15) of Section VIII;
the following periods are taken to be separate calendar years:
(d)
the period from 1 January 2017 to 30 June 2017;
(e)
the period from 1 July 2017 to 31 December 2017.
15 Transitional provisions
Participating Jurisdiction Financial Institutions
15(1)
For the purposes of applying subparagraph D(2) of Section V and subparagraph A(2) of Section VI of the CRS under Schedule
1
to the
Taxation Administration Act 1953
, a Financial Institution (within the meaning of the CRS) that:
(a)
is an Investment Entity (within the meaning of the CRS) because of subparagraph A(6)(b) of Section VIII of the CRS; and
(b)
is not a Participating Jurisdiction Financial Institution (within the meaning of the CRS); and
(c)
would be a Participating Jurisdiction Financial Institution if the jurisdictions declared to be committed jurisdictions under subitem (2) were Participating Jurisdictions (within the meaning of the CRS);
is taken not to be a Passive NFE (within the meaning of the CRS) during the period from 1 July 2017 to 31 December 2017, and during the whole of 2018 and 2019.
15(2)
The Commissioner may, by legislative instrument, declare one or more jurisdictions (within the meaning of the CRS) to be committed jurisdictions.
High Value Accounts
15(2A)
For the purposes of subsections
396-105(1)
and
(2)
in Schedule
1
to the
Taxation Administration Act 1953
, an account maintained by a Reporting Financial Institution on 1 July 2017 is treated as being a Reportable Account (within the meaning of the CRS) on that day if the account:
(a)
would be a Reportable Account (within the meaning of the CRS) on that day if the Reporting Financial Institution applied the due diligence procedures described in the CRS in relation to the account on or before that day; and
(b)
is a High Value Account (within the meaning of the CRS) on 30 June 2017.
Preexisting Entity Accounts
15(2B)
For the purposes of subsections
396-105(1)
and
(2)
in Schedule
1
to the
Taxation Administration Act 1953
, an account maintained by a Reporting Financial Institution on 1 July 2017 is treated as being a Reportable Account (within the meaning of the CRS) on that day if the account:
(a)
would be a Reportable Account (within the meaning of the CRS) on that day if the Reporting Financial Institution applied the due diligence procedures described in the CRS in relation to the account on or before that day; and
(b)
is a Preexisting Entity Account (within the meaning of the CRS).
Reporting of Lower Value Accounts
15(3)
For the purposes of (and without limiting) subsections
396-105(1)
and
(2)
in Schedule
1
to the
Taxation Administration Act 1953
, as amended by this Schedule, an account maintained by a Reporting Financial Institution at any time in the 2018 calendar year is treated as being a Reportable Account (within the meaning of the CRS) at that time if the account:
(a)
is a Lower Value Account (within the meaning of the CRS); and
(b)
has not been included in a statement under subsection
396-105(2)
in that Schedule for the 2017 calendar year; and
(c)
at that time, would be a Reportable Account (within the meaning of the CRS) if the Reporting Financial Institution applied the due diligence procedures described in the CRS in relation to the account at that time.
History
S 15(3) substituted by No 8 of 2019, s 3 and Sch 8 item 2, effective 1 January 2018. S 15(3) formerly read:
Statements
15(3)
Despite subsection 396-105(6) in Schedule 1 to the
Taxation Administration Act 1953
, to the extent that a statement under subsection 396-105(2) in that Schedule for 2017 relates to an account that is a Lower Value Account (within the meaning of the CRS), the statement must be given to the Commissioner no later than 31 July 2019.
Note:
Section 388-55 in that Schedule allows the Commissioner to defer the time for giving an approved form.
15(4)
For the purpose of subitem (2A), (2B) or (3), subsections
396-120(2)
to
(8)
in Schedule
1
to the
Taxation Administration Act 1953
, apply in determining the meaning of a term used in that subitem.
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