Automatic exchange of information
31 May 2017
The Automatic Exchange of Information (AEOI) legislation will be fully effective from 1 July 2017.
Many Australian entities will have to report information about their non-resident investors, account holders, and beneficiaries from this date.
AEOI is part of the global tax transparency initiative, originally driven by the OECD, which includes the Common Reporting Standard and Foreign Account Tax Compliance Act. Under the legislation, financial institutions now have to identify non-Australian account holders and report financial information to the ATO annually. There are penalties for non-compliance and for failure to maintain adequate records.
A very broad range of organisations and individuals will be impacted by the legislation including, but not limited to, financial services, banks, funds, private equity groups, investment advisers, trusts & corporate trustees, brokers, custodians, insurance entities, personal investment companies, real estate groups and others.
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FACTA CRS Quick Check
This simple app has a maximum of seven questions and provides you with an initial assessment of whether a client is caught as a Financial Institution (FI) without the requirement for detailed knowledge of the legislation.
FATCA CRS QUICK CHECK
The app generates a short email response sent to the individual completing the questionnaire with an attached pdf of the responses to the questions. The app has been created such that it can be used to give an initial assessment of FIs in most mainstream jurisdictions, as well as Australia, so can be used for multi-jurisdictional groups.
FATCA/CRS Quickcheck: FAQs