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 Regulatory reports and click CRS reports.
- Select the calendar year the report is required for.
- Click generate report.
The Registry Direct platform will generate a .zip file containing two files:
- 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.