Treasury on Thur 19.6.2014, released a discussion paper entitled, Common Reporting Standard for the automatic exchange of tax information.
Treasury noted the Common Reporting Standard for the automatic exchange of tax information is a single global standard for financial institutions’ collection of financial account information on account holders who are residents in another jurisdiction, the reporting of it to the financial institutions’ tax authority and the exchange of it automatically with other jurisdictions’ tax authorities on an annual basis.
The Common Reporting Standard was endorsed by G20 Finance Ministers and Central Bank Governors at their meeting on 22 and 23 February 2014. Treasury further noted that the Government has yet to make final decisions on its implementation in Australia and that the discussion paper seeks stakeholder views on: timing; financial institutions’ potential implementation and compliance costs; and suggestions on how to minimise the implementation and compliance costs.
COMMENTS are due by16 July 2014.
[LTN 117, 20/6/14]