Document ID: chunk:federal_register_of_legislation:C2019C00094:clause:1_15:p2
Version: federal_register_of_legislation:C2019C00094
Segment Type: clause
Provision Reference: sch 1 cl 15 (pt 2/2)
Character Range: 29229–30317

in Schedule 1 to the Taxation Administration Act 1953, as amended by this Schedule, an account maintained by a Reporting Financial Institution at any time in the 2018 calendar year is treated as being a Reportable Account (within the meaning of the CRS) at that time if the account:
 (a) is a Lower Value Account (within the meaning of the CRS); and
 (b) has not been included in a statement under subsection 396‑105(2) in that Schedule for the 2017 calendar year; and
 (c) at that time, would be a Reportable Account (within the meaning of the CRS) if the Reporting Financial Institution applied the due diligence procedures described in the CRS in relation to the account at that time.
(4) For the purpose of subitem (2A), (2B) or (3), subsections 396‑120(2) to (8) in Schedule 1 to the Taxation Administration Act 1953, as amended by this Part, apply in determining the meaning of a term used in that subitem.

Part 2—Amendments contingent on the Tax and Superannuation Laws Amendment (2015 Measures No. 5) Act 2015

Tax and Superannuation Laws Amendment (2015 Measures No. 5) Act 2015