Document ID: chunk:federal_register_of_legislation:F2023L01225:body:0:p9
Version: federal_register_of_legislation:F2023L01225
Segment Type: other
Provision Reference: 
Character Range: 25931–29600

and duties payable
3.5.6                                                                            Withholding tax

  4.       Account-holder aggregate account details
4.1                                                  Aggregate account-holder entitlement
4.1.1                                                Aggregate balance – cleared funds
4.1.2                                                Aggregate balance – uncleared funds
4.1.3                                                Aggregate balance – principal (sum of balances in all protected accounts)
4.1.4                                                Aggregate accrued interest (sum of accrued interest for all protected accounts)
4.1.5                                                Aggregate fees, charges and duties payable (sum of fees, charges and duties payable for all protected accounts)
4.1.6                                                Aggregate withholding tax (sum of withholding taxes for all protected accounts)
4.2                                                  Estimate of account-holder's aggregate FCS entitlement

    6.             An ADI must ensure that controls are in place in relation to its SCV data such that:

       (a)          data sourced from any product, customer or other ADI system for SCV purposes are complete and accurate, to the extent practicable;

       (b)          all fields are populated with data, or fields with no data are flagged as data 'not available' or blank filled as appropriate;

       (c)          calculation fields are accurate (for example, an account-holder's aggregate account-holding is equal to the sum of its constituent parts);

       (d)          to the extent practicable, name and address fields are complete and valid;

       (e)          all records are referenced to their source;

       (f)           to the extent practicable, there are no duplicate records for an account-holder; and

       (g)          SCV account balances are reconciled to source systems.

Attachment B

This Attachment includes requirements concerning account aggregation and calculation of end-of-day positions.

Principles for account aggregation
     1. The account aggregation principles are designed to assist an ADI with the treatment of balances in protected accounts. How an account is treated will depend on the entity type (as defined in sections 960-100 of the Income Tax Assessment Act 1997) and whether the account is held in a single name or in multiple names.

     2. An ADI must apply the following rules when dealing with protected accounts:

     (a)          each protected account attributable to an account-holder must be aggregated under an SCV for the purpose of establishing an account-holder's balance;

     (b)          account aggregation for SCV purposes must include aggregation of all protected accounts in an account-holder's name including protected joint accounts, business accounts, prescribed accounts and all other protected accounts held by an account-holder, whether individually or jointly;

     (c)          prescribed accounts must be included in the SCV and also flagged as being prescribed accounts;

     (d)          joint accounts must be split on a proportionate basis between all account-holders named on that account (e.g. for a joint account with four named account-holders, each account-holder would have one quarter of the total account balance included as part of their aggregated protected account balance); and

     (e)          where a business account is held in an entity's name, the balance must be treated as belonging to a single account-holder, being the person