June 8th, 2017
Common Reporting Standards
You may have heard that Australia is one of many countries that has committed to new global standards relating to the automatic exchange of financial account information, these standards are known as Common Reporting Standards (CRS).
Effective from 1 July 2017, all Australian financial institutions will need to identify and report to the Australian Taxation Office (ATO) accounts held by customers who are foreign tax residents. Similarly, overseas financial institutions will identify their Australian tax resident customers and report via their local tax authorities to the ATO.
Adelaide Bank AMP ANZ Auswide Bank of Melbourne Bank of Queensland Bank SA BankWest Better Choice Home Loans Bluebay BMM CBA Connective Advance Connective Elevate Connective Essentials Connective Select Connective Solutions Citibank Firefighters Mutual Bank FirstMac Gateway Gateway Bank Health Professionals Bank Heritage Homeloans homestart IMB ING Commercial ING Residential Keystart Latitude Financial Services Lumi MA Money Macquarie ME Bank MyState NAB NAB Broker Newcastle Permanent P&N bank Pepper Money Resimac St George Suncorp Teachers Mutual Bank uBank Unibank Westpac