Australia releases draft law to implement common reporting standard

Australia on September 18 released draft legislation to implement the OECD’s Common Reporting Standard for the automatic exchange of financial account information.

The draft legislation would require Australian financial institutions to identify information about accounts held by foreign residents and to report that information to the Commissioner of Taxation. The information will then be passed by the tax authority to the foreign resident’s tax authority pursuant to Australia’s information exchange obligations.

Comments on the draft will be accepted until October 9.

See:

• Draft legislation to implement in Australia the OECD’s Common Reporting Standard for the automatic exchange of financial account information | The Treasury