The Australian Taxation Office (ATO) on 13 January 2016 announced that the OECD common reporting standard (CRS) will be implemented, effective from 1 July 2017. Accordingly, the first exchange of information will occur in 2018.
As explained by the release posted on the ATO website (13 January 2016), the CRS is the single global standard for the collection, reporting, and exchange of financial account information on foreign tax residents.
Under the CRS regime, banks and other financial institutions will collect and report the financial account information on non-residents to the ATO. In turn, the ATO will exchange this information with the participating foreign tax authorities where the non-residents are located. Similarly, the ATO will receive financial account information on Australian residents from the tax authorities of other countries.
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