Document ID: chunk:federal_register_of_legislation:C2019C00094:clause:1_13:p2
Version: federal_register_of_legislation:C2019C00094
Segment Type: clause
Provision Reference: sch 1 cl 13 (pt 2/6)
Character Range: 13835–16682

a Reportable Account (within the meaning of the *CRS) must be determined by the entity by applying the due diligence procedures described in the CRS.
Note: Section 288‑85 provides an administrative penalty for failing to obtain a self‑certification in relation to the account when applying the due diligence procedures.
 (4) A statement under subsection (2) must be in the *approved form.
 (5) More than one statement under subsection (2) may be included in the same document.
 (6) The statement must be given to the Commissioner no later than the first 31 July after the end of the calendar year.
Note: Section 388‑55 allows the Commissioner to defer the time for giving an approved form.

396‑110  Meaning of CRS
 (1) The CRS is the Common Reporting Standard set out in Part II.B of the Standard for Automatic Exchange of Financial Account Information in Tax Matters approved by the Council of the Organisation for Economic Co‑Operation and Development on 15 July 2014.
Note: In 2015, the text of the Standard was available on the OECD's website (http://www.oecd.org).
 (2) Subject to section 396‑120, for the purposes of this Subdivision, the *CRS must be applied consistently with Part III.B (the CRS Commentary) of the Standard for Automatic Exchange of Financial Account Information in Tax Matters.

396‑115  Matters Common Reporting Standard leaves to domestic law

Defined terms
 (1) For the purposes of subparagraph B(1)(c) of Section VIII of the *CRS, the following Entities (within the meaning of the CRS) are defined as Non‑Reporting Financial Institutions:
 (a) an Entity to which any of the following paragraphs of Annex II of the *FATCA Agreement applies:
 (i) paragraph A (government entity), B (international organisation) or C (central bank) of section I;
 (ii) paragraph A (retirement fund) of section II;
 (b) an Entity the Minister prescribes by legislative instrument.
 (2) Subparagraph (1)(a)(i) does not apply with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or Depository Institution (within the meaning of the *CRS).
 (3) For the purposes of subparagraph C(17)(g) of Section VIII of the *CRS, the following accounts are defined as Excluded Accounts:
 (a) an account to which any of the following subparagraphs of paragraph A of section V of Annex II of the *FATCA Agreement applies:
 (i) subparagraph (1) (retirement and pension accounts);
 (ii) subparagraph (3) (certain other tax‑favoured accounts);
 (b) an account the Minister 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