The Australian Treasury on 17 September 2015 released an exposure draft of legislation for Australia to implement the Organisation for Economic Co-operation and Development's (OECD) Common Reporting Standard (CRS) for the automatic exchange of financial account information.
The CRS exposure draft has been designed to establish the legislative requirements for Australian financial institutions. The exposure draft adopts meanings and concepts used in the OECD's CRS, and would give effect to particular matters that the CRS allows implementing jurisdictions to specify.
Read the draft CRS legislation
Submissions are due by 9 October 2015.
Read a September 2015 report [PDF 158 KB] prepared by the KPMG member firm in Australia.
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