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 parallel, 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.
The CRS legislation received Royal Assent on 18 March 2016 and will take effect on 1 July 2017. The first exchange of information will occur in 2018.
To assist financial institutions with the implementation of the CRS we have developed guidance material that will be updated as we receive and respond to further questions from industry.
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.
For other information regarding the CRS you can refer to:
For information on previous and ongoing ATO consultation, refer to:
If you have any further questions regarding the CRS please contact the CRS Project Team.
In the Mid-year Economic and Fiscal Outlook 2014-15, the government announced it will implement the OECD Common Reporting commencing 1 July 2017. The first exchange of information will occur in 2018.