Automatic exchange of information and the common reporting standard
Source: The Tax Specialist Journal Article
Published Date: 1 Apr 2017
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.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Already a Subscriber? Login now
Details
- Published By: Fred Law, Anthony Siouclis
- Published On:1 Apr 2017
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page