Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_15:p7
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 15 (pt 7/39)
Character Range: 1829172–1832012

Institution;
to treat an account the institution maintains or has maintained as if it is a Reportable Account (within the meaning of the CRS), if the Commissioner reasonably believes that:
 (c) the account would not be, or would not have been, such a Reportable Account if the Commissioner had not made such a requirement; and
 (d) one or more of the following:
 (ia) the Reporting Financial Institution;
 (ib) the Account Holder (within the meaning of the CRS);
 (ic) an intermediary of the Reporting Financial Institution or the Account Holder;
 (id) any other entity;
  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.
 (2) The Commissioner must give written notice of the requirement to the Reporting Financial Institution.
 (3) The Reporting Financial Institution may object, in the manner set out in Part IVC, against the Commissioner's decision to give the notice.

Commissioner may require a Financial Institution to act as a Reporting Financial Institution
 (4) The Commissioner may require an entity that is a Financial Institution (within the meaning of the *CRS) to act as if it is a Reporting Financial Institution (within the meaning of the CRS), if the Commissioner reasonably believes that:
 (a) the institution would not be, or would not have been, such a Reporting Financial Institution if the Commissioner had not made such a requirement; and
 (b) the Financial Institution undertook a transaction, or entered into an *arrangement:
 (i) for the purpose of causing the institution not to be such a Reporting Financial Institution; or
 (ii) for 2 or more purposes of which that purpose is the dominant purpose.
 (5) The Commissioner must give written notice of the requirement to the institution.
 (6) The institution may object, in the manner set out in Part IVC, against the Commissioner's decision to give the notice.

396‑135  Application of penalty to false or misleading self‑certification
  For the purposes of applying Part 4‑25 (Charge and penalties) in relation to a statement that is, or that relates to, a self‑certification (within the meaning of the *CRS) that a Reporting Financial Institution is required to obtain when applying, under subsection 396‑105(3), the due diligence procedures described in the CRS:
 (a) the CRS is treated as permitting the self‑certification; and
 (b) the CRS is treated as being a *taxation law (but not an *Excise Act).
Note: You are liable to an administrative penalty under subsection 284‑75(4) if you give a self‑certification that is false or misleading in a material particular.

396‑136  Report on Reportable Accounts maintained by Australian Reporting Financial Institutions
 (1) This section applies