What is the Common Reporting Standard?
The Common Reporting Standard or 'CRS' originated from a G20 request which was subsequently approved by The Organisation for Economic Cooperation and Development (OECD) Council in 2014. The main principle requires the automatic exchange of non-resident taxpayer information between different countries annually.
If you have indicated that you are a tax resident of another country, we will make further enquiries around your tax residency. This will include obtaining information such as your Taxpayer Identification Number. This information will be forwarded to The Australian Taxation Office (ATO) as part of their obligations in upholding the CRS.