Document ID: chunk:federal_register_of_legislation:C2019C00094:clause:1_13:p4
Version: federal_register_of_legislation:C2019C00094
Segment Type: clause
Provision Reference: sch 1 cl 13 (pt 4/6)
Character Range: 19079–21840

If paragraph 396‑105(1)(a) applies to an entity for a calendar year, the entity must keep written records that:
 (a) correctly record the procedures by which the entity determines:
 (i) whether, at any time during the year, the entity maintains an account to which paragraph 396‑105(1)(c) applies; and
 (ii) the information that is required to be contained in the statement (if any) the entity is obliged to give the Commissioner under subsection 396‑105(2); and
 (b) are in English, or readily accessible and easily convertible into English.
 (2) The entity must retain the records, to the extent that they relate to a particular account, until:
 (a) the expiration of 5 years after the entity gives the Commissioner the statement in respect of the account under subsection 396‑105(2); or
 (b) if the entity is not required to give the Commissioner a statement in respect of the account for the year—31 July in the sixth year after the end of the year.
Note: Section 288‑25 imposes an administrative penalty if an entity does not keep and retain records as required by this section.

396‑130  Anti‑avoidance provisions

Commissioner may require an account to be treated as a Reportable Account
 (1) The Commissioner may require an entity that:
 (a) is a Reporting Financial Institution (within the meaning of the *CRS); or
 (b) is a Financial Institution that a notice under subsection (5) requires to act as a Reporting Financial Institution;
to treat an account the institution maintains or has maintained as if it is a Reportable Account (within the meaning of the CRS), if the Commissioner reasonably believes that:
 (c) the account would not be, or would not have been, such a Reportable Account if the Commissioner had not made such a requirement; and
 (d) the Reporting Financial Institution or the Account Holder (within the meaning of the CRS) undertook a transaction, or entered into an *arrangement:
 (i) for the purpose of causing the account not to be such a Reportable Account; or
 (ii) for 2 or more purposes of which that purpose is the dominant purpose.
 (2) The Commissioner must give written notice of the requirement to the Reporting Financial Institution.
 (3) The Reporting Financial Institution may object, in the manner set out in Part IVC, against the Commissioner's decision to give the notice.

Commissioner may require a Financial Institution to act as a Reporting Financial Institution
 (4) The Commissioner may require an entity that is a Financial Institution (within the meaning of the *CRS) to act as if it is a Reporting Financial Institution (within the meaning of the CRS), if the Commissioner reasonably believes that:
 (a) the institution would not be, or would not have been, such a Reporting Financial Institution if the