Common Reporting Standard (CRS)

This page provides links and information for CRS reporters and digital service providers.

Summary

The CRS is the single global standard for the collection, reporting and exchange of financial account information on foreign tax residents.

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 came into effect on 1 July 2017 and the first report from Australian RFIs is 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).

Status

7 September 2017

Lodgment of CRS reports will be limited to one reporting entity per report. The report should contain all of the entities reportable accounts. The first report is due by 31 July 2018.

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.

Media Releases

13 February 2014: OECD delivers new single global standard on automatic exchange of information

29 October 2014: Major new steps to boost international cooperation against tax evasion: Governments commit to implement automatic exchange of information beginning 2017

3 June 2015: Australia signs up to combat tax evasion

3 December 2015: Legislation to tackle offshore tax evasion

Consultation (meetings, seminars, workshops)

We regularly hold teleconferences to provide updates on the progress of the CRS project. We also welcome digital service providers to give feedback and ask any questions they might have regarding the implementation of the standard.

8 Dec 2016

14 Apr 2016

04 Feb 2016

July 2015

Feedback and Questions

Feedback is recorded and responses are published as available.

Links and documents

For further information refer to the websites and documents below.

Contact info

Feedback can be sent to DPO@ato.gov.au