July 5, 2017
Commissioner provides Common Reporting Standard compliance relief
On 30 June 2017 the ATO made a declaration under the Tax Laws Amendment (Implementation of the Common Reporting Standard) Act 2016 (Act) that 25 jurisdictions (including Barbados, China, Hong Kong, Israel, Kuwait and Russia) are ‘committed jurisdictions’ for the purposes of the transitional provisions of the Act (Declaration).
June 12, 2017
The new Common Reporting Standard (CRS) regime will apply to most Australian managed investment schemes from 1 July 2017. Additional procedures for collecting information from new investors will need to be introduced from this date and additional work will be required in respect of existing investors.
Overview of CRS
Many funds have implemented new processes for collecting information from investors to accommodate reporting and registration obligations under the FATCA1 regime.