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TAXATION ADMINISTRATION ACT 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES    View history reference

Note: See section 3AA.

Chapter 4 - Generic assessment, collection and recovery rules    View history reference

PART 4-25 - CHARGES AND PENALTIES  

Division 288 - Miscellaneous administrative penalties    View history reference

SECTION 288-85  

288-85  FAILURE BY REPORTING FINANCIAL INSTITUTION TO OBTAIN SELF-CERTIFICATION  

 View history reference
An entity that:


(a) is:


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

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


(b) is required to obtain a self-certification, in relation to an account maintained by the institution, when applying the due diligence procedures described in the CRS; and


(c) fails to obtain the self-certification:


(i) if the account is 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 - by the time by which a statement under subsection 396-105(2) relating to the account must be given to the Commissioner; or

(ii) otherwise - by the time by which such a statement would be required to be given to the Commissioner if the account were such a Reportable Account;

is liable to an administrative penalty of 1 penalty unit.


 



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