Document ID: chunk:federal_register_of_legislation:C2019C00094:clause:1_13:p3
Version: federal_register_of_legislation:C2019C00094
Segment Type: clause
Provision Reference: sch 1 cl 13 (pt 3/6)
Character Range: 16438–19326

prescribes by legislative instrument.

Elections by entities
 (4) To the extent that the *CRS gives Australia the ability to provide for an entity to make an election in determining obligations under the CRS, assume that the entity may make the election.

Modifications mentioned in CRS Commentary
 (5) The *CRS has effect with the following modifications mentioned in the *CRS Commentary:
 (a) the inclusion mentioned in paragraph 13 of the Commentary on Section VII concerning Special Due Diligence Requirements;
 (b) the 2 replacements mentioned in paragraph 82 of the Commentary on Section VIII concerning Defined Terms.

396‑120  Application of Common Reporting Standard

Scope of this section
 (1) 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
 (ii) in determining which information the *CRS states a Reporting Financial Institution must report.

General reporting requirements
 (2) Paragraph F of Section I of the *CRS is to be disregarded.

Reportable and Participating Jurisdictions
 (3) All jurisdictions (other than Australia) are to be treated as Reportable Jurisdictions.
 (4) Without limiting subparagraph D(5) of Section VIII of the *CRS, Australia is to be treated as a Participating Jurisdiction.

Accounts
 (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.
 (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.
 (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
 (8) An entity may choose to treat all dollar amounts in the *CRS as being in Australian dollars.
Note: Otherwise, all dollar amounts are in United States dollars: see subparagraph C(4) of Section VII of the CRS.

396‑125  Record keeping
 (1) If paragraph 396‑105(1)(a) applies to an entity for a calendar year, the entity must keep written records that:
 (a) correctly record the procedures by which the entity determines:
 (i) whether, at any time during the year, the entity maintains an