Taxation Administration Act 1953

Subsection (2) applies if:

an entity is a Reporting Australian Financial Institution (within the meaning of the *FATCA Agreement) at any time in a calendar year; and

the calendar year is the 2015 or 2016 year; and

the entity makes a payment to a Nonparticipating Financial Institution (within the meaning of the FATCA Agreement) at any time in the year.

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 fulfil its obligations under the *FATCA Agreement in respect of that payment.

Section 286‑75 provides an administrative penalty for breach of this subsection.

The information contained in the statement must be determined by the entity by applying the due diligence procedures required under the *FATCA Agreement.

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).

A statement under subsection (2) must be in the *approved form.

More than one statement under subsection (2) may be included in the same document.

The statement must be given to the Commissioner no later than the first 31 July after the end of the calendar year.

Section 388‑55 allows the Commissioner to defer the time for giving an approved form.