Federal Register of Legislation - Australian Government

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CRS committed jurisdiction list

Authoritative Version
Lists as made
This instrument declares committed jurisdictions to temporarily relieve Australian Financial Institutions from applying required due diligence procedures to certain foreign resident held accounts for a defined legislated period being from 1 July 2017 to 31 December 2019.
Administered by: Treasury
Registered 30 Jun 2017
Tabling HistoryDate
Tabled HR08-Aug-2017
Tabled Senate08-Aug-2017
To be repealed 31 Dec 2019
Repealed by Self Repealing

Legislative Instrument                

CRS committed jurisdiction list

 

I, Mark Konza, Deputy Commissioner of Taxation, make this declaration under sub-item 15(2) of the Tax Laws Amendment (Implementation of the Common Reporting Standard) Act 2016 (transitional provisions).

 

Signed by Mark Konza

Deputy Commissioner of Taxation

Dated: 26 June 2017

                                                                                                                                                   

 

1.            Name of instrument

This instrument is the CRS committed jurisdiction list.
 

 

2.            Commencement and Expiry

This instrument commences on 1 July 2017 and is repealed at the end of the day on 31 December 2019.

 

 

3.            Application

Pursuant to sub-item 15(1) of the transitional provisions, this instrument applies to a Financial Institution (within the meaning of the CRS) that:

 

(a)  is an Investment Entity (within the meaning of CRS) because of subparagraph A(6)(b) of Section VIII of the CRS; and

(b)  is not a Participating Jurisdiction Financial Institution (within the meaning of the CRS); and

(c)  would be a Participating Jurisdiction Financial Institution if the jurisdictions declared to be committed jurisdictions were Participating Jurisdictions (within the meaning of the CRS).

 

4.            Determination

For the purposes of sub-item 15(1) of the transitional provisions, and pursuant to sub-item 15(2) of those provisions, the Commissioner declares the following jurisdictions shall be committed jurisdictions:


·         Antigua and Barbuda

·         Bahamas

·         Barbados

·         China

·         Cook Islands

·         Costa Rica

·         Curacao

·         Hong Kong

·         Indonesia

·         Israel

·         Kuwait

·         Lebanon

·         Malaysia

·         Marshall Islands

·         Nauru

·         Panama

·         Poland

·         Russia

·         Saint Kitts and Nevis

·         Saint Lucia

·         Samoa

·         Saudi Arabia

·         Seychelles

·         Sint Maarten

·         United Kingdom

 


 


 

 

5.            Definitions

·         CRS has the same meaning as defined in section 396-110 in Schedule 1 to the Taxation Administration Act 1953.

·         Financial Institution, Investment Entity, Participating Jurisdiction and Participating Jurisdiction Financial Institution all have the same meaning as defined under Part II.B of the Standard for Automatic Exchange of Financial Account Information in Tax Matters approved by the Council of the Organisation for Economic Co-Operation and Development on 15 July 2014.