Taxation Administration Act 1953

Subsection (2) applies if:

at any time in a calendar year, an entity:

is a Reporting Financial Institution (within the meaning of the *CRS); or

is an institution that a notice under subsection 396‑130(5) requires to act as a Reporting Financial Institution; and

at that time in the year, the entity:

is resident in Australia (within the meaning of the CRS); or

is a branch located in Australia (within the meaning of the CRS); and

at any time in the year, the entity maintains:

a Reportable Account (within the meaning of the CRS); or

an account that a notice under subsection 396‑130(2) requires the entity to treat as a Reportable Account.

Subsection 396‑120(3) applies the CRS to all jurisdictions.

The entity must give the Commissioner a statement that contains in respect of the account the information that the *CRS states the entity must report.

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

Whether an entity maintains a Reportable Account (within the meaning of the *CRS) must be determined by the entity by applying the due diligence procedures described in the CRS.

Section 288‑85 provides an administrative penalty for failing to obtain a self‑certification in relation to the account when applying the due diligence procedures.

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.