Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_15:p4
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 15 (pt 4/39)
Character Range: 1821405–1824192

(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 (within the meaning of the CRS); or
 (ii) is a branch located in Australia (within the meaning of the CRS); and
 (c) at any time in the year, the entity maintains:
 (i) a Reportable Account (within the meaning of the CRS); or
 (ii) an account that a notice under subsection 396‑130(2) requires the entity to treat as a Reportable Account.
Note: Subsection 396‑120(3) applies the CRS to all jurisdictions.
 (2) The entity must give the Commissioner a statement that contains in respect of the account the information that the *CRS states the entity must report.
Note: Section 286‑75 provides an administrative penalty for breach of this subsection.
 (3) Whether an entity maintains 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 (other than a *self managed superannuation fund or a *small superannuation fund) 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