In July 2017, the Australian Government implemented the Common Reporting Standard (CRS) in order to reduce tax evasion. This means a change in the way that financial account information of foreign tax residents is collected, reported on and shared.
Tasmanian Perpetual Trustees is now required to identify and report the accounts of foreign tax residents to the Australian Tax Office (ATO), who then share this information with relevant international tax authorities.
We’ll be reviewing existing accounts for indications of customers that may be a tax resident in another country and if we think we need more information from you, we’ll be in touch. You’ll now also need to provide tax residency information when opening any new Tasmanian Perpetual Trustees accounts in future.
If you’d like more information, please get in touch or alternatively visit the ATO website.