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Automatic exchange of information and the common reporting standard

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Published on 01 Apr 17 by "THE TAX SPECIALIST" JOURNAL ARTICLE

The common reporting standard (CRS) is a framework that provides for the annual exchange of financial accounts information between governments. With a few months to go before the CRS commences, this article examines the need for financial institutions that are already under the Foreign Account Tax Compliance Act (US) (FATCA) to recognise the differences between the CRS and FATCA regimes. Although the CRS is based on FATCA in many ways, the scope of the CRS is much wider. While FATCA only requires the identification of accounts associated with US persons, the CRS requires the identification of all tax residents other than Australia. Many low-risk financial institutions, such as local banks and financial institutions that do not come under the purview of FATCA, will need to review and meet any obligations arising from the CRS. This article also considers how the ATO is working with the industry to provide clarity in the implementation of CRS in Australia.

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Fred LAW
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Anthony Siouclis
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