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-B inserted by No 162 of 2015, s 3 and Sch 4 item 1, effective 30 November 2015. No 162 of 2015, s 3 and Sch 4 item 27 contains the following application provision:

27 Application of amendments  
27(1)
Subdivision 396-B in Schedule 1 to the Taxation Administration Act 1953 applies in relation to transactions entered into on or after:

(a) if table item 3 or 4 in section 396-55 in that Schedule describes the transaction - 1 July 2016; or

(b) otherwise - 1 July 2017.

27(2)
However, subparagraphs 396-55(a)(ii) and (b)(ii) in Schedule 1 to the Taxation Administration Act 1953 apply in relation to transactions entered into on or after:

(a) if table item 3 or 4 in section 396-55 in that Schedule describes the transaction - 1 July 2016; or

(b) otherwise - 1 July 2020.

S 396-65(1) amended by No 76 of 2023, s 3 and Sch 2 items 733 and 734, by substituting " Division 3 of Part 7.1 " for " Chapter 7 " in para (b)(i) and " that Act " for " that Chapter " (wherever occurring) in para (b), effective 20 October 2023.

S 396-65(2) amended by No 76 of 2023, s 3 and Sch 2 items 735 and 736, by substituting " Division 3 of Part 7.1 " for " Chapter 7 " in para (b)(i) and " that Act " for " that Chapter " (wherever occurring) in para (b), effective 20 October 2023.

S 396-65 substituted by No 8 of 2019, s 3 and Sch 8 item 62, effective 1 April 2019 and applicable in relation to transactions entered into on or after 1 July 2017. S 396-65 formerly read:

SECTION 396-65 EXEMPTIONS - WHOLESALE CLIENTS  
396-65
An entity is not required to include, in a report under section 396-55, information about a transaction described in table item 5, 6, 7 or 8 in that section to the extent that the information relates to a party to the transaction:

(a) who is not an individual; and

(b) who is being provided a financial product, or a financial service, under the transaction as a wholesale client.

Financial product , financial service and wholesale client have the same meanings in this section as they do in Chapter 7 of the Corporations Act 2001 .

Note:

This exemption does not apply to information relating to any other party to the transaction, such as the party providing the product or service.

S 396-65 inserted by No 162 of 2015, s 3 and Sch 4 item 1, effective 30 November 2015. For application provision, see note under Subdiv 396-B heading.