Common reporting standard (CRS) enabling legislation in Australia received Royal Assent and took effect on 18 March 2016.
Enactment of this legislation provides Australian financial institutions with certainty concerning their obligations under the CRS regime. The start date for CRS obligations is 1 July 2017—over 12 months in the future. Still, Australian financial institutions want to begin preparing for CRS reporting now.
Read a March 2016 report [PDF 58 KB] prepared by the KPMG member firm in Australia
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