This page provides links and information for software developer (SwD) consultation in regards to the Common Reporting Standard (CRS) implementation.
- Media Releases
- Consultation (meetings, seminars, workshops)
- Feedback and questions
- Links and documents
- Contact information
The CRS is the single global standard for the collection, reporting and exchange of financial account information on foreign tax residents. Under it, banks and other financial institutions use the CRS due diligence rules to review their accounts, identify those held by non-residents and report the relevant information to the ATO. That information will then be exchanged with the participating foreign tax authorities of those non-residents. In parallel, the ATO will receive eligible financial account information on Australian residents from other countries' tax authorities. This will help ensure that Australian residents with financial accounts in other countries are complying with Australian tax law and act as a deterrent to tax evasion.
In Australia, the CRS Reportable Financial Institutions (RFIs) include banks and other deposit taking institutions, custodial institutions, investment entities, and specified insurance companies.
The CRS will take effect from 1 July 2017 with the first report from Australian RFIs due by 31 July 2018. The first report will include data from 1 July 2017 to 31 December 2017. After this period reports will include data from January to December and will be due annually, by 31 July in the following year.
The CRS is part of a broader suite of international measures aimed at combating tax avoidance through more comprehensive exchanges of information between countries (for example, the Foreign Account Tax Compliance Act (FATCA) and Country-by-Country Reporting(CbC)).
17 March 2017
The OECD Automatic Exchange of Information Portal has now been updated to reflect Australia’s Domestic Reporting Format.
8 December 2016
The Australian domestic reporting system (PDF, 339.66kB) paper was introduced and discussed at the CRS teleconference on 8 December 2016 with no further changes requested by attendees. We will now update the OECD website to confirm that Australia has finalised its CRS domestic reporting arrangements as outlined in the paper.
14 April 2016
The Automatic Exchange of Information Guidance (covering both FATCA and CRS) is now available and will be updated from time to time in response to international developments and stakeholder feedback.
The channels for domestic reporting have been determined as follows:
- Lodgment of CRS XML Schema compliant bulk files will be supported via ATO Online Business and Tax Agent Portals (i.e. AUSkey authenticated)
- Small lodgments of CRS data will be supported through an online user interface (i.e single page application) via ATO Online Business and Tax Agent Portals (i.e. AUSkey authenticated), and
- We are looking to further support CRS reporting through the use of SBR enabled business management software (BMS).
The CRS legislation was introduced to Parliament on 3 December 2015. Following two amendments in the Senate, the legislation passed through both houses on 29 February 2016. The legislation received Royal Assent on 18 March 2016.
3 June 2015: Australia signs up to combat tax evasion
3 December 2015: Legislation to tackle offshore tax evasion
We regularly hold teleconferences to provide updates on the progress of the CRS project. We also welcome software developers to give feedback and ask any questions they might have regarding the implementation of the standard.
8 Dec 2016
- CRS teleconference agenda (PDF, 202kB)
- CRS Australian domestic reporting system (PDF, 340kB)
- CRS teleconference outcomes (PDF, 262kB)
14 Apr 2016
04 Feb 2016
Feedback is recorded and responses are published as available.
For further information refer to the websites and documents below.
- ATO New Legislation
- ATO Let’s Talk
- OECD Automatic Exchange Portal
- Standard for Automatic Exchange of Financial Account Information in Tax Matters (OECD)
- CRS Implementation Handbook (OECD) (PDF, 3.98 MB)
Feedback can be sent to SIPO@ato.gov.au