Australian Taxation Office

New or updated materials on ATO website, including:

Common Reporting Standard

Treasury has released exposure draft legislation for comment to give effect to the legislative requirements for Australian financial institutions in implementing the OECD’s Common Reporting Standard (CRS) for the automatic exchange of financial account information, effective from 1 January 2017. Specifically, the draft law will require certain Australian financial institutions to report information to the Commissioner of Taxation about financial accounts held by foreign residents. In order to identify relevant accounts, financial institutions will need to carry out the due diligence procedures outlined in the OECD’s Standard for Automatic Exchange of Financial Account Information in Tax Matters. Comments are due by 9 October 2015.

Negotiations for tax treaty with Israel

The Treasurer has announced that Australia will commence negotiations for a new Double Tax Agreement with Israel.

Parliament

The following Bills progressed in Parliament yesterday