Legislation
The Australian Government announced the Organisation for Economic Co-operation and Development's (OECD) CRS in the Mid-year Economic and Fiscal Outlook 2014–15.
The CRS legislation received royal assent on 18 March 2016 and came into effect on 1 July 2017. The first exchange of information occurred in 2018.
Guidance material for institutions, customers and tax agents
Guidance material to assist financial institutions, customers, and tax agents with CRS.
Financial institutions
- Automatic exchange of information guidance – CRS and FATCAOpens in a new window – guidance to understand how the CRS may affect financial institutions and their clients. We will update this page as we receive and respond to further questions from industry and changes to legislation.
- Self-review guide and toolkitOpens in a new window – guidance to understand how to conduct a self-review on a financial institution's automatic exchange of information framework.
Customers
- Foreign tax resident reporting – how the automatic exchange of information affects you – for customers, investors, and account holders of financial institutions to understand how the automatic exchange of information affects you.
Tax agents
- Common Reporting Standard – information for tax agents – to understand how the CRS may affect your clients.
For more information, see:
- The Standard for Automatic Exchange of Financial Account Information in Tax Matters – developed by the OECD with G20 countries.
- Automatic Exchange Portal – resources for the implementation of automatic exchange of information in tax matters on the OECD website.