Document ID: chunk:federal_register_of_legislation:C2014A00067:clause:1_2:p1
Version: federal_register_of_legislation:C2014A00067
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 1/3)
Character Range: 1180–4109

2  After Division 394 in Schedule 1
Insert:

Division 396—FATCA

Guide to Division 396

396‑1  What this Division is about

      This Subdivision gives effect to the FATCA Agreement between the Government of Australia and the Government of the United States of America.
      Reporting Australian Financial Institutions must give the Commissioner certain information about U.S. Reportable Accounts. For the 2015 and 2016 calendar years, they must also give the Commissioner information about payments made to Nonparticipating Financial Institutions.
      This Subdivision also creates record‑keeping obligations in relation to the requirements to give the Commissioner information.

Table of sections
396‑5 Statements about U.S. Reportable Accounts
396‑10 Statements about payments to Nonparticipating Financial Institutions
396‑15 Meaning of the FATCA Agreement
396‑20 Permissions and elections
396‑25 Record keeping

396‑5  Statements about U.S. Reportable Accounts
 (1) Subsection (2) applies if:
 (a) an entity is a Reporting Australian Financial Institution (within the meaning of the *FATCA Agreement) at any time in a calendar year; and
 (b) the entity maintains a U.S. Reportable Account (within the meaning of the FATCA Agreement) at any time in the year.
 (2) The entity must give the Commissioner a statement that contains the information in respect of that U.S. Reportable Account that the Australian Government is required to obtain in order for it to fulfil its obligations under the *FATCA Agreement in respect of that U.S. Reportable Account.
 (3) The information contained in the statement must be determined by the entity by applying the due diligence procedures required under the *FATCA Agreement.
Note: Those due diligence procedures are specified in Annex I to the FATCA Agreement, subject to the application of Article 7 of that Agreement (consistency in the application of FATCA to partner jurisdictions).
 (4) A statement under subsection (2) must be in the *approved form.
 (5) More than one statement under subsection (2) may be included in the same document.
 (6) The statement must be given to the Commissioner no later than the first 31 July after the end of the year.
Note: Section 388‑55 allows the Commissioner to defer the time for giving an approved form.

396‑10  Statements about payments to Nonparticipating Financial Institutions
 (1) Subsection (2) applies if:
 (a) an entity is a Reporting Australian Financial Institution (within the meaning of the *FATCA Agreement) at any time in a calendar year; and
 (b) the calendar year is the 2015 or 2016 year; and
 (c) the entity makes a payment to a Nonparticipating Financial Institution (within the meaning of the FATCA Agreement) at any time in the year.
 (2) The entity must give the Commissioner a statement that contains the information in respect of that payment that the Australian Government is required to obtain in order for it to