Changes To Common Reporting Standards

July 12th, 2017

As you may be aware, the Common Reporting Standard (CRS) came into effect July 1 2017. It is an initiative by various countries around the world to reduce tax evasion. By exchanging information about interest earned on bank accounts held by foreign tax residents, governments can ensure that people pay the right amount of tax. To comply with the CRS legislation, we must obtain and report foreign tax residency and account information to the Australian Taxation Office (ATO).

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