The Common Reporting Standard (CRS) to be implemented from 2017
Under new Australian legislation, banks and other financial institutions will be required to report to the ATO information about accounts held by foreign tax residents.
The Common Reporting Standard (CRS) is a new standard for the collection, reporting and exchange of financial account information, developed by the OECD.
The law will be effective from 1 July 2017. In 2018 we will exchange foreign resident account information with the participating tax authorities of those non-residents. In parallel, we will receive financial account information on Australian residents. This will help ensure that Australian residents with financial accounts in other countries are complying with Australian tax law and act as a deterrent to tax evasion.
To help you with the implementation of the CRS, we have developed guidance material. This information will be updated quarterly in response to your feedback.
The Common Reporting Standard (CRS) requires banks and other financial institutions to report to the ATO information about accounts held by foreign tax residents.