Document ID: chunk:federal_register_of_legislation:C2014A00067:clause:1_2:p2
Version: federal_register_of_legislation:C2014A00067
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 2/3)
Character Range: 3880–6680

the FATCA Agreement) at any time in the year.
 (2) The entity must give the Commissioner a statement that contains the information in respect of that payment that the Australian Government is required to obtain in order for it to fulfil its obligations under the *FATCA Agreement in respect of that payment.
 (3) The information contained in the statement must be determined by the entity by applying the due diligence procedures required under the *FATCA Agreement.
Note: Those due diligence procedures are specified in Annex I to the FATCA Agreement, subject to the application of Article 7 of that Agreement (consistency in the application of FATCA to partner jurisdictions).
 (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 year.
Note: Section 388‑55 allows the Commissioner to defer the time for giving an approved form.

396‑15  Meaning of the FATCA Agreement
  The FATCA Agreement is the Agreement between the Government of Australia and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA, done at Canberra on 28 April 2014.
Note: The text of the Agreement is set out in Australian Treaty Series [2014] ATNIF 5. In 2014, the text of the Agreement in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au).

396‑20  Permissions and elections
 (1) This section applies, for the purposes of this Division:
 (a) in determining whether the conditions in subsections 396‑5(1) and 396‑10(1) are satisfied; and
 (b) in determining which information the Australian Government is required to obtain in order for it to fulfil its obligations under the *FATCA Agreement.
 (2) To the extent that the *FATCA Agreement gives Australia the ability to permit an entity to use or rely on matters provided for in U.S. Treasury Regulations in determining obligations under the FATCA Agreement, assume that the permission has been given.
 (3) To the extent that the *FATCA Agreement gives Australia the ability to provide for an entity to make an election in determining obligations under the FATCA Agreement, assume that the entity may make the election.

396‑25  Record keeping
 (1) If an entity is obliged to give the Commissioner a statement under subsection 396‑5(2) or 396‑10(2), the entity must keep written records that:
 (a) correctly record the procedures by which the entity determines the information that is required to be contained in the statement; and
 (b) are in English, or readily accessible and easily convertible into English.
 (2) The entity must