The Common Reporting Standard (CRS) is the single global standard for the collection, reporting and exchange of financial account information on overseas or foreign tax residents. It was introduced through an agreement made by Australia with the Organisation for Economic Cooperation and Development (OECD). The regulatory requirements for CRS commenced on 1 July 2017 and in summary, requires all banks including Bank First, to collect and report to the Australian Taxation Office (ATO), all financial account information relating to customers who are residents for tax purposes of another country. This information will then be exchanged with the participating foreign taxation authorities. The OECD CRS regime is separate to the United States FATCA regime. While the requirements are similar, Bank First is required to apply the requirements of both regimes in conjunction with each other. (Click here for further information on US persons).
CRS legislation requires Bank First to identify the overseas tax residency status of all new and existing customers. The Bank is also required to annually report financial account information to the ATO in relation to customers who are residents for tax purposes of another country. The Bank may contact you for further information or documentation. The Bank may also ask questions to new customers in relation to overseas tax residency status. Any new and existing customer who believe themselves to be a resident for tax purposes of another country are required to submit a declaration to the Bank to this effect. This declaration is to be made by way of completing a Self-Certification form. If you physically reside overseas or possess any other indicia of an overseas tax resident, you may be required to complete a Self-Certification form which can be downloaded from the link on this website. If you are required to complete a Self-Certification but fail to do so, we are legally obliged to report your financial account information to the ATO regardless. Further information and guidance in relation to CRS and foreign tax residency status can be found here.