What this Subdivision is about
396-100 What this Subdivision is about
Australian Financial Institutions must give the Commissioner certain information about accounts of foreign residents. This obligation is based on the Common Reporting Standard.
This obligation will assist the Australian Government to exchange information with other jurisdictions in accordance with international agreements, such as the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, done at Strasbourg on 25 January 1988.
In 2015, the text of the Convention was available on the OECD’s website (http://www.oecd.org).
The purpose of the Common Reporting Standard is to reduce international tax evasion. It sets out due diligence procedures for financial institutions to apply to identify account holders that are foreign tax residents, and provides for financial institutions to report information with respect to such account holders.
This Subdivision also creates record‑keeping obligations in relation to the requirement to give the Commissioner information.
This Subdivision also requires the Commissioner to report on certain Reportable Accounts that are maintained by Australian Reporting Financial Institutions.
Table of sections
Operative provisions
396‑105 Statements about Reportable Accounts
396‑110 Meaning of CRS
396‑115 Matters Common Reporting Standard leaves to domestic law
396‑120 Application of Common Reporting Standard
396‑125 Record keeping
396‑130 Anti‑avoidance provisions
396‑135 Application of penalty to false or misleading self‑certification
396‑136 Report on Reportable Accounts maintained by Australian Reporting Financial Institutions
Operative provisions
This Act’s bill:Second reading speech
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