CRS in Australia
The Common Reporting Standard (CRS) was introduced in Australia as part of a range of measures administered by the Tax Avoidance Taskforce (taskforce).
Information received from our international exchange partners under the CRS helps ensure Australian residents declare foreign-sourced income and assets held in foreign financial accounts. We use sophisticated data matching and analytics, and we use the data widely in our compliance and assurance activities.
We work closely with other international jurisdictions. CRS data is exchanged globally using exchange of information agreements with foreign tax authorities. We have been progressively building closer relationships with international partners. This also includes work with the Joint Chiefs of Global Tax Enforcement (J5) and the Joint International Taskforce on Shared Intelligence and Collaboration (JITSIC).
The Organisation for Economic Co-operation and Development (OECD) Global Forum monitors and reviews the CRS through Peer Reviews on each jurisdiction’s legal framework, compliance framework and data and security safeguards. The OECD Global Forum has determined that Australia's domestic and international legal framework is substantially in place for the CRS.
To meet the compliance framework requirement, we have a comprehensive administrative compliance framework, including a Top 10 Strategy. The Top 10 Strategy provides us with assurance that over 95% of all reportable accounts held in Australia by foreign tax residents are correctly identified and reported us each reporting period. This ensures the data we collect and exchange with our partner jurisdictions is of high quality.
Annual reporting
Reports with CRS statistics by jurisdiction are presented annually in both Houses of Federal Parliament.
The first report with CRS statistics by jurisdiction was presented in both Houses of Federal Parliament in March 2020.
CRS reports contain aggregate information on Australian financial accounts held by foreign tax residents as at 31 December of the previous reporting period.
Annual CRS reports
The annual reports presented to date are: