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  • Common Reporting Standard for the automatic exchange of financial account information

    The Common Reporting Standard (CRS) is the single global standard for the collection, reporting and exchange of financial account information on foreign tax residents. Under it, banks and other financial institutions will collect and report to us financial account information on non-residents. We will exchange this information with the participating foreign tax authorities of those non-residents.

    In return, we will receive financial account information on Australian residents from other countries' tax authorities. 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.

    Legislation

    The CRS legislation received Royal Assent on 18 March 2016 and came into effect on 1 July 2017. The first exchange of information will occur in 2018.

    See also:

    Table 1: Expected implementation timeline

    Date

    Event

    April 2016

    Automatic exchange of information (AEOI) guidance for CRS and Foreign Account Tax Compliance Act (FATCA) released

    December 2016

    Domestic reporting format finalised

    30 June 2017

    Test date for determining high and low value accounts

    1 July 2017

    Date of effect of the CRS legislation

    Generally accounts opened on or after this date are to be treated as new accounts

    31 July 2018

    Australian Reportable Financial Institutions (RFI) CRS report due to the ATO for the previous calendar year

    30 September 2018

    Data exchanged with partner jurisdictions

    31 July 2019

    Australian RFI report due to the ATO for the previous calendar year

    30 September 2019

    Data exchanged with partner jurisdictions

    Note: For the first CRS reporting period, where reports are due to the ATO on 31 July 2018, the report data is for the 6 months from 1 July 2017 to 31 December 2017. Later reports will cover the full calendar year.

    Table 2: Due diligence requirements

    Account type

    High/low value test date

    Due diligence completion and reporting date

    Pre-existing low value Individual account

    30 June 2017

    31 July 2019

    Pre-existing high value Individual account

    30 June 2017

    31 July 2018

    Pre-existing entity account

    n/a

    31 July 2018

    Guidance material

    Financial Institutions

    To assist financial institutions to understand how the CRS may affect them and their clients, we have produced guidance material that will be updated as we receive and respond to further questions from industry.

    Customers

    To assist customers, investors and other account holders with financial institutions to understand how the automatic exchange of information affects them, we have produced a brochure with summarised information – see Foreign tax resident reporting (PDF, 112.11KB)This link will download a file

    Tax agents

    To assist tax agents to understand how the CRS may affect them and their clients, we have produced a brochure with summarised information.

    Important information on how to prepare and lodge your CRS report

    Third party reporters

    For information on preparing and lodging the CRS report, refer to Third party reporting for CRS.

    Not-for-profits

    The CRS may impact not-for-profits (NFP) organisations. For further information and to determine if you have a reporting obligation under the CRS, refer to Not-for-profits and the Common Reporting Standard.

    Digital service providers

    For information on the CRS XML schema and technical updates, refer to Information for CRS reporters and digital service providersExternal Link.

    Supporting material

    More information

    If you have further questions regarding the CRS please contact the CRS Project Team.

    To receive the latest CRS news and information you can subscribe to our CRS stakeholder group. To do this, email the CRS Project Team with your contact details.

      Last modified: 30 May 2018QC 44630