Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_15:p3
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 15 (pt 3/39)
Character Range: 1818550–1821638

of entities:
 (a) are not required to prepare and give reports under section 396‑55; or
 (b) are not required to do so for specified classes of transactions.

396‑75  Errors in reports
 (1) An entity must give to the Commissioner a corrected report if:
 (a) the entity has given a report to the Commissioner under this Subdivision; and
 (b) after giving the report, the entity becomes aware of a material error in it.
 (2) The report must be in the *approved form.
 (3) The report must be given to the Commissioner no later than 28 days after the entity becomes aware of the error.
Note 1: An administrative penalty applies to a failure to give the report by that time (see subsection 286‑75(1)). An administrative penalty applies for any false statements in the report (see section 284‑75).
Note 2: Section 388‑55 allows the Commissioner to defer the time for giving an approved form.

Subdivision 396‑C—Common Reporting Standard

Guide to Subdivision 396‑C

396‑100  What this Subdivision is about

      Australian Financial Institutions must give the Commissioner certain information about accounts of foreign residents. This obligation is based on the Common Reporting Standard.
          Note 1: This obligation will assist the Australian Government to exchange information with other jurisdictions in accordance with international agreements, such as the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, done at Strasbourg on 25 January 1988.
           In 2015, the text of the Convention was available on the OECD's website (http://www.oecd.org).
          Note 2: The purpose of the Common Reporting Standard is to reduce international tax evasion. It sets out due diligence procedures for financial institutions to apply to identify account holders that are foreign tax residents, and provides for financial institutions to report information with respect to such account holders.
      This Subdivision also creates record‑keeping obligations in relation to the requirement to give the Commissioner information.
      This Subdivision also requires the Commissioner to report on certain Reportable Accounts that are maintained by Australian Reporting Financial Institutions.

Table of sections

Operative provisions
396‑105 Statements about Reportable Accounts
396‑110 Meaning of CRS
396‑115 Matters Common Reporting Standard leaves to domestic law
396‑120 Application of Common Reporting Standard
396‑125 Record keeping
396‑130 Anti‑avoidance provisions
396‑135 Application of penalty to false or misleading self‑certification
396‑136 Report on Reportable Accounts maintained by Australian Reporting Financial Institutions

Operative provisions

396‑105  Statements about Reportable Accounts
 (1) Subsection (2) applies if:
 (a) at any time in a calendar year, an entity:
 (i) is a Reporting Financial Institution (within the meaning of the *CRS); or
 (ii) is an institution that a notice under subsection 396‑130(5) requires to act as a Reporting Financial Institution; and
 (b) at that time in the year, the entity:
 (i) is resident in Australia