The Treasurer has announced that Australia and Switzerland have agreed to automatically exchange information based on the Organisation of Economic Cooperation and Development's (OECD) common reporting standard (CRS). Under the agreement, the ATO and the Swiss Federal Tax Administration will automatically receive details of financial accounts such as investment income and balances and use it to check against information declared in tax returns. Australia and Switzerland are to implement the CRS in 2017 and will begin exchanging information in 2018..