• Service: Tax, Global Mobility Services, International Tax
  • Type: Regulatory update
  • Date: 6/26/2014

Australia - Proposal for FATCA-like common reporting standard 

June 26: The Australian Department of the Treasury released a discussion paper on 19 June 2014 that appears to propose what would be an Australian version of the U.S. Foreign Account Tax Compliance Act (FATCA) law.

Essentially, a proposed common reporting standard (CRS), as endorsed by G20 Finance Ministers at their meeting on 22-23 February 2014 for the automatic exchange of tax information, would provide a single global standard for financial institutions to collect financial account information on account holders who are residents in another jurisdiction.

Depository institutions, custodians, investment entities, and insurance companies that issue or make payments to investment linked life insurance or annuity contracts would be required to collect and report information to the Australian Taxation Office under the CRS that they identify as being owned or controlled by a non-resident, unless the account or policies are exempt.

If these rules are implemented, there are certain issues that financial institutions and others would need to consider.

Read a June 2014 report prepared by the KPMG member firm in Australia: Common Reporting Standard: an Australian version of FATCA?

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