• 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 came into effect on 1 July 2017. The first exchange of information will occur in 2018.

    Expected Implementation Timeline



    April 2016

    Automatic Exchange of Information (AEOI) guidance for CRS & 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 Institution (RFI) 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 1 July 2017 to 31 December 2017. Thereafter reports will cover the full calendar year.

    Due diligence requirements

    Account Type

    High/Low value test date

    Due diligence completion and reporting date

    Individual account

    • Pre-existing Low value
    • Pre-existing High value



    30 June 2017

    30 June 2017


    31 July 2019

    31 July 2018

    Pre-existing entity account


    31 July 2018

    Supporting Material

    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:

    More Information

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

      Last modified: 24 Jul 2017QC 44630