Document ID: chunk:federal_register_of_legislation:C2019C00094:clause:1_13:p5
Version: federal_register_of_legislation:C2019C00094
Segment Type: clause
Provision Reference: sch 1 cl 13 (pt 5/6)
Character Range: 21604–24390

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 Commissioner had not made such a requirement; and
 (b) the Financial Institution undertook a transaction, or entered into an *arrangement:
 (i) for the purpose of causing the institution not to be such a Reporting Financial Institution; or
 (ii) for 2 or more purposes of which that purpose is the dominant purpose.
 (5) The Commissioner must give written notice of the requirement to the institution.
 (6) The institution may object, in the manner set out in Part IVC, against the Commissioner's decision to give the notice.

396‑135  Application of penalty to false or misleading self‑certification
  For the purposes of applying Part 4‑25 (Charge and penalties) in relation to a statement that is, or that relates to, a self‑certification (within the meaning of the *CRS) that a Reporting Financial Institution is required to obtain when applying, under subsection 396‑105(3), the due diligence procedures described in the CRS:
 (a) the CRS is treated as permitting the self‑certification; and
 (b) the CRS is treated as being a *taxation law (but not an *Excise Act).
Note: You are liable to an administrative penalty under subsection 284‑75(4) if you give a self‑certification that is false or misleading in a material particular.

396‑136  Report on Reportable Accounts maintained by Australian Reporting Financial Institutions
 (1) This section applies if:
 (a) the Commissioner receives one or more statements under subsection 396‑105(2) in relation to:
 (i) the 2018 calendar year; or
 (ii) a calendar year commencing after 2018; and
 (b) the statement contains information about a Reportable Account (within the meaning of the CRS); and
 (c) the total number of accounts of the kind mentioned in paragraph (b) for a jurisdiction (other than Australia) that is a Reportable Jurisdiction (within the meaning of the CRS) (the relevant jurisdiction) for the calendar year is 6 or more.
 (2) The Commissioner must, no later than 31 December of the year following the calendar year, prepare and give to the Minister a report that sets out for each relevant jurisdiction in relation to the calendar year the following information:
 (a) the total number of accounts of the kind mentioned in paragraph (1)(b);
 (b) the sum of the amounts in those accounts.
 (3) The Minister must cause a copy of the report given under subsection (2) to be tabled in each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.
 (4) The report given under subsection (2) is not a legislative instrument.