Automatic Information Exchange Agreements – Self-Certification EntitiesAutomatic Information Exchange Agreements • July 19th, 2018
Australia has entered into tax information exchange agreements or has tax information exchange obligations under bilateral tax agreements with more than 50 countries. The aim of these agreements and obligations is to reduce global tax evasion. The tax information that Australia is required to share is set out in various regimes, including the Foreign Account Tax Compliance Act (“FATCA”) and the Common Reporting Standard (“CRS”). The regimes require Financial Institutions (“FIs”) such as Pershing Securities Australia Pty Ltd and Pershing Australia Nominees Pty Ltd (together “Pershing”) to collect and report on an annual basis certain Account Holder information where the Account Holder is resident for tax purposes in a country other than Australia. The ATO then shares the specified Account Holder information with the tax authority of the country(ies) in which the account holder is resident for tax purposes in line with the tax information exchange obligations of Australia.
