Sch 1 inserted by No 178 of 1999 (as amended by No 179 of 1999 and No 44 of 2000).

Ch 5 title inserted by No 73 of 2006 , s 3 and Sch 5 item 44, effective 1 July 2006.

Pt 5-25 heading substituted by No 162 of 2015, s 3 and Sch 4 item 16, effective 30 November 2015. The heading formerly read:

PART 5-25 - RECORD-KEEPING AND OTHER OBLIGATIONS OF TAXPAYERS

Pt 5-25 inserted by No 91 of 2000.

Div 396 heading substituted by No 162 of 2015, s 3 and Sch 4 item 17, effective 30 November 2015. The heading formerly read:

Division 396 - FATCA

Div 396 inserted by No 67 of 2014, s 3 and Sch 1 item 2, effective 30 June 2014. No 67 of 2014, s 3 and Sch 1 item 3 contains the following application provision:

3 Application  
Application rules

(1)
Subject to subitem (2), the amendments made by this Schedule apply in relation to a U.S. Reportable Account that is maintained by a Reporting Australian Financial Institution on or after 1 July 2014.

(2)
The following provisions apply in relation to a payment that is made by a Reporting Australian Financial Institution on or after 1 July 2014:

(a) section 396-10 in Schedule 1 to the Taxation Administration Act 1953 (as inserted by this Schedule);

(b) any other provision inserted in that Schedule by this Schedule, to the extent that the provision relates to the section mentioned in paragraph (a).

Permissions and elections

(3)
For the purpose of subitems (1) and (2), subsections 396-20(2) and (3) in Schedule 1 to the Taxation Administration Act 1953 (as inserted by this Schedule) apply in determining the meaning of a term used in those subitems.

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.

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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.

S 396-130(1) amended by No 141 of 2020, s 3 and Sch 4 item 80, by substituting para (d), effective 18 December 2020. Para (d) formerly read:

(d) the Reporting Financial Institution or the Account Holder (within the meaning of the CRS) undertook a transaction, or entered into an *arrangement:

(i) for the purpose of causing the account not to be such a Reportable Account; or

(ii) for 2 or more purposes of which that purpose is the dominant purpose.

S 396-130 inserted by No 23 of 2016, s 3 and Sch 1 item 13, effective 19 March 2016. For application and transitional provision, see note under Subdiv 396-C heading.