Australia issues reminder on CRS reporting process

On 26 July 2019, the Australian Taxation Office (“ATO”) issued an email alert reminder for the Common Reporting Standard (“CRS”) reporting process deadline.

CRS reports in Australia were due on 31 July 2019. To apply for an extension to submit reports, filers can submit an email through ATO online services or the Business and Tax Agent Portals. To apply, filers should select a new message with the topic “Lodge report” and the subject “Common Reporting Standard (CRS) extension of time”. Information on what the message should include can be found on the Australian Foreign Account Tax Compliance Act reporting information webpage (Link).

Due to international exchange timeframes, extensions will only be granted in limited circumstances.

One can subscribe to receive e-mail alerts from the ATO when new information regarding CRS reporting is released by e-mailing ato-dmi@ato.gov.au.

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