The Common Reporting Standard
The Common Reporting Standard (CRS) is the single global standard for the collection, reporting and exchange of financial account information on foreign tax residents. Under the CRS, banks and other financial institutions collect and report financial account information on foreign tax residents to us. We exchange this information with participating foreign tax authorities of those foreign tax residents.
In return, we receive financial account information on Australian residents from other countries' tax authorities. This helps ensure that Australian residents with financial accounts in other countries are complying with Australian tax law. The exchange of financial account information acts as a deterrent to tax evasion.
For more information, see prepare and lodge your CRS report.
Self-certification compliance requirements for new accounts
The CRS requires a reporting financial institution (RFI) to obtain self-certifications for all new accounts.
For more information on self-certifications, see Obtaining valid self-certifications for all new accounts.