Taxation Administration Act 1953

This section applies:

for the purposes of section 288‑85 (Failure by Reporting Financial Institution to obtain self‑certification); and

for the purposes of this Subdivision:

in determining whether the conditions in subsection 396‑105(1) are satisfied; and

in determining which information the *CRS states a Reporting Financial Institution must report.

Paragraph F of Section I of the *CRS is to be disregarded.

All jurisdictions (other than Australia) are to be treated as Reportable Jurisdictions.

Without limiting subparagraph D(5) of Section VIII of the *CRS, Australia is to be treated as a Participating Jurisdiction.

Without limiting subparagraph D(1) of Section VIII of the *CRS, an account maintained by a Reporting Financial Institution for an entity is treated as being a Reportable Account (within the meaning of the CRS) if:

the Reporting Financial Institution does not apply the due diligence procedures described in the CRS in relation to the account; and

the CRS does not state that the account is not required to be identified; and

the account would be such a Reportable Account if the Reporting Financial Institution applied those procedures.

The date provided for in subparagraph C(9) of Section VIII of the *CRS (about Preexisting Accounts) (as affected by paragraph 396‑115(5)(b) in this Schedule) is taken to be 30 June 2017.

A reference in the *CRS to a New Account is treated as being a reference to a Financial Account maintained by a Reporting Financial Institution that is not a Preexisting Account.

An entity may choose to treat all dollar amounts in the *CRS as being in Australian dollars.

Otherwise, all dollar amounts are in United States dollars: see subparagraph C(4) of Section VII of the CRS.