The Common Reporting Standard (CRS) is the single global standard for the collection, reporting and exchange of financial account information on foreign tax residents. Under it, banks and other financial institutions must collect and report to the Australian Tax Office (ATO) financial account information on non-residents.
The information to be reported to the ATO must generally be supplied using an XML schema adopted by the ATO.
To generate a CRS report:
- From the menu, go to ATO reports and click CRS reports. This will take you to the CRS reports list, which lists previously generated reports.
- At the top of the page, click Create new CRS report.
- Select the calendar year the report is required for.
- Click Generate report. The report will generate as a background task. When the task has finished processing, a link to the the report detail page will become available in the CRS reports list page. Click on the link to the report details page.
- A .zip file containing two files can be downloaded:
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- An XML file in the required format that can be provided to the ATO. Note, the Registry Direct platform does NOT automatically send this file to the ATO. The issuer or their registrar must lodge the file with the ATO; and
- A CSV file containing a copy of the information contained in the XML file. The CSV file is provided to allow issuers and their registrars to verify the data contained in the XML file (as data in an XML file is not normally displayed in a readable format). If there is missing or incorrect information, the issuer or their registrar can correct the information on the Registry Direct platform and re-generate the CRS report.