Australia: CRS implementation guidance addresses overlap with FATCA

Australia: CRS implementation guidance

The Australian Taxation Office (ATO) on 7 April 2016 released guidance notes on implementation of the common reporting standard (CRS) in Australia. These guidance notes support the CRS enabling legislation that came into effect on 18 March 2016.

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The notes provide guidance concerning specific areas of the CRS including in-scope financial institutions, financial accounts, and the implementation timeline. The guidance also addresses some of the overlapping aspects and practical impacts between the CRS and the FATCA regime that reporting financial institutions need to consider. The ATO expanded the scope of the guidance to cover all automatic exchange of information (AEOI) regimes going forward. As a transitional measure for the purposes of the FATCA regime, the ATO is allowing reporting financial institutions to rely on previously published FATCA guidance until the end of June 2017.


Read an April 2016 report [PDF 121 KB] prepared by the KPMG member firm in Australia

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