Financial Sector (Collection of Data) (reporting standard) determination No. 42 of 2008 - ARS 326.0 - Offshore Banking Units
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Instruction Guide
This form collects the assets and liabilities recorded on the books of the offshore banking unit declared under Sub-section 128 AE (2) of the Income Tax Assessment Act (1936) to be an offshore banking unit (OBU). Do not include assets and liabilities on the books of related corporations and overseas offices.
In compiling this form:
- include any transactions not posted as at the reporting date;
- translate all foreign currency amounts to Australian dollar equivalents using the mid of market spot rates applying as at the close of business; and
- report amounts in millions of Australian dollars, rounded to the first decimal place.
"Other OBU's" refers to Australian financial institutions declared by the Federal Treasurer to be offshore banking units.
A "related corporation" is defined as a company in which the authorised deposit-taking institution (ADI) has a 20 per cent or more beneficial interest; or a company which has a 20 per cent or more beneficial interest in your institution.
"Overseas offices" includes your branches, agencies and other offices.
A "resident" is a person ordinarily resident in Australia, or an enterprise or body operating in Australia. Australian subsidiaries and branches of foreign enterprises are regarded as residents, while foreign branches and subsidiaries of Australian enterprises are regarded as non-residents.
General directions and notes