Australia seeks stakeholder input on common reporting standard for automatic exchange of tax information

The Australian Treasury, on June 19, released a discussion draft on a common reporting standard for the automatic exchange of tax information, and requested stakeholder comment on the draft.  Noting that Australia has not yet decided if it will adopt automatic information exchange or not, Treasury asks for input on topics such as compliance costs, whether some entities or accounts  should be exempt from the requirements, and timing issue. To date, about 50 countries have committed to  automatic information exchange. Discussion draft (170MB), Press release, Prior coverage