Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_15:p5
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 15 (pt 5/39)
Character Range: 1823933–1826917

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 (retirement fund) of section II;
 (b) an Entity the Minister prescribes by legislative instrument.
 (2) Subparagraph (1)(a)(i) does not apply with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or Depository Institution (within the meaning of the *CRS).
 (3) For the purposes of subparagraph C(17)(g) of Section VIII of the *CRS, the following accounts are defined as Excluded Accounts:
 (a) an account to which any of the following subparagraphs of paragraph A of section V of Annex II of the *FATCA Agreement applies:
 (i) subparagraph (1) (retirement and pension accounts);
 (ii) subparagraph (3) (certain other tax‑favoured accounts);
 (aa) a *self managed superannuation fund account;
 (ab) a *small superannuation fund account;
 (b) an account the Minister prescribes by legislative instrument.

Elections by entities
 (4) To the extent that the *CRS gives Australia the ability to provide for an entity to make an election in determining obligations under the CRS, assume that the entity may make the election.

Modifications mentioned in CRS Commentary
 (5) The *CRS has effect with the following modifications mentioned in the *CRS Commentary:
 (a) the inclusion mentioned in paragraph 13 of the Commentary on Section VII concerning Special Due Diligence Requirements;
 (b) the 2 replacements mentioned in paragraph 82 of the Commentary on Section VIII concerning Defined Terms.

396‑120  Application of Common Reporting Standard

Scope of this section
 (1) This section applies:
 (a) for the purposes of section 288‑85 (Failure by Reporting Financial Institution to obtain self‑certification); and
 (b) for the purposes of this Subdivision:
 (i) in determining whether the conditions in subsection 396‑105(1) are satisfied; and
 (ii) in determining which information the *CRS states a Reporting Financial Institution must report.

General reporting requirements
 (2) Paragraph F of Section I of the *CRS is to be disregarded.

Reportable and Participating Jurisdictions
 (3) All jurisdictions (other than Australia) are to be treated as Reportable Jurisdictions.
 (4) Without limiting subparagraph D(5) of Section VIII of the *CRS, Australia is to be treated as a Participating Jurisdiction.

Accounts
 (5) Without limiting subparagraph D(1) of Section VIII of the *CRS, an account maintained by a Reporting Financial Institution for an entity is treated as being a Reportable Account (within the meaning of the CRS) if:
 (a) the Reporting Financial Institution does not apply the due diligence procedures described in the CRS in relation to the account; and
 (b) the CRS