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Australia Enacts Legislation to Implement Common Reporting Standard for the Automatic Exchange of Financial Account Information — Orbitax Tax News & Alerts

The Australian parliament has enacted the Tax Laws Amendment (Implementation of the Common Reporting Standard) Act 2016, which received Royal Assent on 18 March 2016. The legislation is for the implementation of the OECD Common Reporting Standard (CRS) for the automatic exchange of financial account information. Under the legislation, Australian financial institutions are required to submit information about accounts of foreign residents to the ATO Commissioner for the purpose of exchange with relevant jurisdictions under the CRS. The collection and submission of account information is to begin in 2017, and Australia has committed to begin the first exchange of the information in 2018.

Click the following link for the Tax Laws Amendment (Implementation of the Common Reporting Standard) Act 2016.