Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_3:p16
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 16/17)
Character Range: 1797921–1800923

of the Agreement in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au).

396‑20  Permissions and elections
 (1) This section applies, for the purposes of this Subdivision:
 (a) in determining whether the conditions in subsections 396‑5(1) and 396‑10(1) are satisfied; and
 (b) in determining which information the Australian Government is required to obtain in order for it to fulfil its obligations under the *FATCA Agreement.
 (2) To the extent that the *FATCA Agreement gives Australia the ability to permit an entity to use or rely on matters provided for in U.S. Treasury Regulations in determining obligations under the FATCA Agreement, assume that the permission has been given.
 (3) To the extent that the *FATCA Agreement gives Australia the ability to provide for an entity to make an election in determining obligations under the FATCA Agreement, assume that the entity may make the election.

396‑25  Record keeping
 (1) If an entity is obliged to give the Commissioner a statement under subsection 396‑5(2) or 396‑10(2), the entity must keep written records that:
 (a) correctly record the procedures by which the entity determines the information that is required to be contained in the statement; and
 (b) are in English, or readily accessible and easily convertible into English.
 (2) The entity must retain the records until the expiration of 5 years after the entity gives the Commissioner the statement under subsection 396‑5(2) or 396‑10(2).
Note: Section 288‑25 imposes an administrative penalty if an entity does not keep and retain records as required by this section.

Subdivision 396‑B—Information about transactions that could have tax consequences for taxpayers

Guide to Subdivision 396‑B

396‑50  What this Subdivision is about
      The Commissioner can require certain entities to give information about transactions that could reasonably be expected to have tax consequences for other entities.

Table of sections

Operative provisions
396‑55 Reporting tax‑related information about transactions to the Commissioner
396‑60 Information required
396‑65 Exemptions—wholesale clients
396‑70 Exemptions—other cases
396‑75 Errors in reports

Operative provisions

396‑55  Reporting tax‑related information about transactions to the Commissioner
  An entity mentioned in column 1 of an item of this table must:
 (a) prepare a report in the *approved form setting out information about any transactions described in that item that happened during this period:
 (i) a *financial year; or
 (ii) such other period as the Commissioner specifies by legislative instrument for that item; and
 (b) give the report to the Commissioner on or before:
 (i) the 31st day after the end of that period; or
 (ii) such other time after the end of that period as the Commissioner specifies by legislative instrument for that item;
unless section 396‑65, or a notice or determination under section 396‑70, provides that