Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_2:p14
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 14/16)
Character Range: 1352886–1355784

conduit foreign income at:
 (i) if the entity declares the distribution before making the distribution—the time of the declaration; or
 (ii) otherwise—the time the distribution is made.
 (2) The amount of the penalty is the sum of the amounts worked out under subsections (3) and (4).
 (3) The amount is:
where:
Australian membership interests means the number of *membership interests or *non‑share equity interests in the entity that are not covered by the definition of foreign membership interests in subsection (4).
total membership interests means the number of *membership interests or *non‑share equity interests in the entity held by entities that are entitled to receive the *distribution.
 (4) The amount is:
where:
applicable withholding tax rate means 50% of the rate of tax set out in paragraph 7(a) of the Income Tax (Dividends, Interest and Royalties Withholding Tax) Act 1974.
foreign membership interests means the number of *membership interests or *non‑share equity interests in the entity held by entities that are entitled to receive the *distribution and in relation to whom the entity is required to withhold amounts under section 12‑210 disregarding the operation of section 12‑300 (about limits on the amount withheld).
total membership interests means the number of *membership interests or *non‑share equity interests in the entity held by entities that are entitled to receive the *distribution.

288‑85  Failure by Reporting Financial Institution to obtain self‑certification
  An entity that:
 (a) is:
 (i) a Reporting Financial Institution (within the meaning of the *CRS); or
 (ii) an institution that a notice under subsection 396‑130(5) requires to act as a Reporting Financial Institution; and
 (b) is required to obtain a self‑certification, in relation to an account maintained by the institution, when applying the due diligence procedures described in the CRS; and
 (c) fails to obtain the self‑certification:
 (i) if the account is a Reportable Account (within the meaning of the CRS) or an account that a notice under subsection 396‑130(2) requires the entity to treat as a Reportable Account—by the time by which a statement under subsection 396‑105(2) relating to the account must be given to the Commissioner; or
 (ii) otherwise—by the time by which such a statement would be required to be given to the Commissioner if the account were such a Reportable Account;
is liable to an administrative penalty of 1 penalty unit.

288‑95  Failing to comply etc. with release authority
 (2) A *superannuation provider that has been given a transitional release authority in accordance with section 292‑80B of the Income Tax (Transitional Provisions) Act 1997 and that fails to comply with subsection 292‑80C(1) of that Act is liable to an administrative penalty of 20 penalty units.
 (3) A *superannuation provider that fails to comply with section 131‑35 (about