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Not-for-profits and the Common Reporting Standard

Under the Common Reporting Standard, NFP financial institutions must report information on foreign tax residents.

Last updated 6 June 2018

Many not-for-profit (NFP) organisations will be impacted by the Common Reporting Standard (CRS).

The CRS is the single global standard for the collection, reporting and exchange of financial account information on foreign tax residents on an annual basis.

The CRS requires Financial Institutions to collect and report Financial Account information on foreign tax residents (Reportable Accounts). Under the CRS some NFPs will be Financial Institutions and may have obligations to report to us. NFPs could be Financial Institutions by either having managed investments or by conducting an investment business.

Even if your NFP is not a Financial Institution it may be asked by other entities for self-certification. Self-certification will require a Financial Institution to ask all new (and some existing) Financial Account holders a series of questions about their residence and entity status for tax purposes. Where a self-certification shows that an Account Holder is from a foreign jurisdiction, the Financial Account will have to be reported to us.

The following flow charts will help you determine if you have reporting obligations under the CRS:

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