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Commercial Update

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.

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