396-110
CurrentMeaning of CRS
Volume 3Schedule 1, Chapter 4, Part 4-30 to Chapter 5, Part 5-100 (sections 308-1 to 990-5)
Schedule 1Collection and recovery of income tax and other liabilities
Chapter 5Administration
Part 5-25Record‑keeping and other obligations relating to taxpayers
Division 396Third party reporting
Subdivision 396-CCommon Reporting Standard
396-110 Meaning of CRS
(1)
The CRS is the Common Reporting Standard set out in Part II.B of the Standard for Automatic Exchange of Financial Account Information in Tax Matters approved by the Council of the Organisation for Economic Co‑Operation and Development on 15 July 2014.
Note:
In 2015, the text of the Standard was available on the OECD’s website (http://www.oecd.org).
(2)
Subject to section 396‑120, for the purposes of this Subdivision, the *CRS must be applied consistently with Part III.B (the CRS Commentary) of the Standard for Automatic Exchange of Financial Account Information in Tax Matters.
This Act’s bill:Second reading speech
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