Australia: Updates to CRS reporting instructions

Australia: Updates to CRS reporting instructions

The Australian Taxation Office (ATO) issued updates to the reporting instructions regarding the common reporting standard (CRS) regime.

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The updated reporting instructions direct financial institutions that effective 1 January 2021, CRS reports must be created using version 2.0 of the CRS XML schema (pursuant to that issued by the Organisation for Economic Cooperation and Development (OECD)).

The ATO also updated a hyperlink regarding the CRS “small reporter” tool that is used for generating “nil” reports.

Read a February 2020 report [PDF 73 KB] prepared by the KPMG member firm in Australia

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