Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_15:p6
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 15 (pt 6/39)
Character Range: 1826683–1829409

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 does not state that the account is not required to be identified; and
 (c) the account would be such a Reportable Account if the Reporting Financial Institution applied those procedures.
 (6) The date provided for in subparagraph C(9) of Section VIII of the *CRS (about Preexisting Accounts) (as affected by paragraph 396‑115(5)(b) in this Schedule) is taken to be 30 June 2017.
 (7) A reference in the *CRS to a New Account is treated as being a reference to a Financial Account maintained by a Reporting Financial Institution that is not a Preexisting Account.

Dollar amounts
 (8) An entity may choose to treat all dollar amounts in the *CRS as being in Australian dollars.
Note: Otherwise, all dollar amounts are in United States dollars: see subparagraph C(4) of Section VII of the CRS.

396‑125  Record keeping
 (1) 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