Summary
Amends the
Taxation Administration Act 1953
to: require financial institutions to carry out Common Reporting Standard due diligence procedures to identify reportable accounts held by foreign tax residents and provide statements about those accounts; require financial institutions to provide a statement in relation to certain accounts if they receive a notice requiring them to do so; provide for administrative penalties when financial institutions fail to collect account holder self-certifications about the jurisdiction of residence for tax purposes; and require financial institutions to keep records for at least five years that explain the procedures used for identifying these accounts. Also makes consequential amendments to the
Income Tax Assessment Act 1997
,
Tax and Superannuation Laws Amendment (2015 Measures No. 5) Act 2015
and
Taxation Administration Act 1953
.