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Common Reporting Standard flow chart

Last updated 6 June 2018

Not-for-profits (NFPs) that are Financial Institutions for Common Reporting Standard (CRS) purposes may need to report to us.

Follow these steps to help you determine if you need to report to us.

Step 1: Is your NFP a Financial Institution for the purpose of the CRS?

To work out if your NFP is a Financial Institution for this year:

  1. go to the Financial Institution flow chart
  2. then return to this step.

Yes

If your NFP is a Financial Institution go to Step 2

No

Your NFP is not a Financial Institution and will not have to report to us in regards to the CRS. You may still need to provide self-certification if requested by a Financial Institution.

Step 2: Do you have Account Holders who hold a Financial Account?

Account Holders are those who have debt and/or equity interests in your NFP throughout a calendar year. You may have more than one Account Holder and you should record each Account Holder for your future reference as you may need to report these to us at the end of the reporting period.

Go to the Account Holder flow chart to work out if you have Account Holders who hold a Financial Account then return to this step.

After going through Step 2, irrespective of whether you do or do not have Financial Accounts, you will need to review any new accounts to determine if they are Financial Accounts for the purposes of CRS. For each new account that you create you should complete the Account Holder flow chart. If you determine that a new account is a Financial Account you may have reporting obligations at the end of the reporting period.

Yes

If yes, the first reporting period is from 1 July 2017 to 31 December 2017. You will have to do due diligence on Account Holders that you have identified for a reporting period.

No

You currently do not need to report to us. From 1 July 2017 as new accounts are created you will need to evaluate those accounts to determine whether they are Financial Accounts and whether due diligence is required.

QC52643