Document ID: chunk:federal_register_of_legislation:C2014A00067:clause:1_3
Version: federal_register_of_legislation:C2014A00067
Segment Type: clause
Provision Reference: sch 1 cl 3
Character Range: 6957–7974

3  Application

Application rules
(1) Subject to subitem (2), the amendments made by this Schedule apply in relation to a U.S. Reportable Account that is maintained by a Reporting Australian Financial Institution on or after 1 July 2014.
(2) The following provisions apply in relation to a payment that is made by a Reporting Australian Financial Institution on or after 1 July 2014:
 (a) section 396‑10 in Schedule 1 to the Taxation Administration Act 1953 (as inserted by this Schedule);
 (b) any other provision inserted in that Schedule by this Schedule, to the extent that the provision relates to the section mentioned in paragraph (a).

Permissions and elections
(3) For the purpose of subitems (1) and (2), subsections 396‑20(2) and (3) in Schedule 1 to the Taxation Administration Act 1953 (as inserted by this Schedule) apply in determining the meaning of a term used in those subitems.

[Minister's second reading speech made in—
House of Representatives on 29 May 2014
Senate on 16 June 2014]

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