Claire Moore (Queensland, Australian Labor Party, Shadow Minister for Women) Share this | Hansard source

I advise that Labor is supporting the government's amendments.

Question agreed to.

by leave—I move opposition amendments (1) to (6) on sheet 7840 together:

(1) Schedule 1, item 13, page 7 (after line 20), insert:

This Subdivision also requires the Commissioner to report on certain Reportable Accounts that are maintained by Australian Reporting Financial Institutions.

(2) Schedule 1, item 13, page 14 (after line 14), after section 396-135, insert:

396-136 Report on Reportable Accounts maintained by Australian Reporting Financial Institutions

(1) This section applies if:

  (a) the Commissioner receives one or more statements under subsection 396-105(2) in relation to:

     (i) the 2018 calendar year; or

     (ii) a calendar year commencing after 2018; and

(b) the statement contains information about a Reportable Account (within the meaning of the CRS); and

  (c) the total number of accounts of the kind mentioned in paragraph (b) for a jurisdiction (other than Australia) that is a Reportable Jurisdiction (within the meaning of the CRS) (the relevant jurisdiction) for the calendar year is 6 or more.

(2) The Commissioner must, no later than 31 December of the year following the calendar year, prepare and give to the Minister a report that sets out for each relevant jurisdiction in relation to the calendar year the following information:

  (a) the total number of accounts of the kind mentioned in paragraph (1)(b);   

  (b) the sum of the amounts in those accounts.

(3) The Minister must cause a copy of the report given under subsection (2) to be tabled in each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.

(4) The report given under subsection (2) is not a legislative instrument.

(3) Schedule 1, item 14, page 15 (cell at table item 6, column 2), omit "2019", substitute "2018".

(4) Schedule 1, item 15, page 16 (after line 21), after subitem (2), insert:

  Preexisting Entity Accounts

  (2A) For the purposes of subsections 396-105(1) and (2) in Schedule 1 to the Taxation Administration Act 1953, as amended by this Schedule, an account maintained by a Reporting Financial Institution on 1 July 2017 is treated as being a Reportable Account (within the meaning of the CRS) on that day if the account:

  (a) would be a Reportable Account (within the meaning of the CRS) on that day if the Reporting Financial Institution applied the due diligence procedures described in the CRS in relation to the account on or before that day; and

  (b) is a Preexisting Entity Account (within the meaning of the CRS).

(5) Schedule 1, item 15, page 16 (lines 22 to 33), omit subitem (3), substitute:

  Statements

(3) Despite subsection 396-105(6) in Schedule 1 to the Taxation Administration Act 1953, to the extent that a statement under subsection 396-105(2) in that Schedule for 2017 relates to an account that is a Lower Value Account (within the meaning of the CRS), the statement must be given to the Commissioner no later than 31 July 2019.

Note: Section 388-55 in that Schedule allows the Commissioner to defer the time for giving an approved form.

(6) Schedule 1, item 15, page 17 (line 1), after "subitem", insert "(2A) or".