Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_3:p14
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 14/17)
Character Range: 1792554–1795676

to defer the time for giving an approved form.
 (4) The *approved form may require the statement to contain the following information:
 (a) the name of the scheme;
 (b) information relating to the identity of the *forestry manager;
 (c) information relating to the circumstances that gave rise to the condition not being satisfied.
 (5) Subsection (4) does not limit the information that the *approved form may require the statement to contain.

Division 396—Third party reporting

Table of Subdivisions
 Guide to Division 396
396‑A FATCA
396‑B Information about transactions that could have tax consequences for taxpayers
396‑C Common Reporting Standard

Guide to Division 396

396‑1A  What this Division is about

      This Division requires:
             (a) financial institutions to give to the Commissioner information for the purposes of the FATCA Agreement and the Common Reporting Standard; and
             (b) certain entities to give to the Commissioner information about transactions that could have tax consequences for other entities.

Subdivision 396‑A—FATCA

Guide to Subdivision 396‑A

396‑1  What this Subdivision is about

      This Subdivision gives effect to the FATCA Agreement between the Government of Australia and the Government of the United States of America.
      Reporting Australian Financial Institutions must give the Commissioner certain information about U.S. Reportable Accounts. For the 2015 and 2016 calendar years, they must also give the Commissioner information about payments made to Nonparticipating Financial Institutions.
      This Subdivision also creates record‑keeping obligations in relation to the requirements to give the Commissioner information.

Table of sections

Operative provisions
396‑5 Statements about U.S. Reportable Accounts
396‑10 Statements about payments to Nonparticipating Financial Institutions
396‑15 Meaning of the FATCA Agreement
396‑20 Permissions and elections
396‑25 Record keeping

Operative provisions

396‑5  Statements about U.S. Reportable Accounts
 (1) Subsection (2) applies if:
 (a) an entity is a Reporting Australian Financial Institution (within the meaning of the *FATCA Agreement) at any time in a calendar year; and
 (b) the entity maintains a U.S. Reportable Account (within the meaning of 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 U.S. Reportable Account that the Australian Government is required to obtain in order for it to fulfil its obligations under the *FATCA Agreement in respect of that U.S. Reportable Account.
Note: Section 286‑75 provides an administrative penalty for breach of this subsection.
 (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)