Common Reporting Standard (CRS)

AMP is required to comply with the CRS obligations which have been developed as a new single global standard for the exchange of foreign tax resident information between tax authorities worldwide. CRS is an Organisation for Economic Co-operation and Development (OECD) compliance requirement which has been enacted into Australian and New Zealand legislation and in other OECD countries legislation.

From 1 July 2017 financial institutions are required to identify foreign tax residents with accounts in in-scope products (deposit, including offset accounts and in some circumstances, line of credit accounts and investment (non-superannuation) accounts), collect information about their tax residency and report that information to the local tax agency (this is the Australian Tax Office (ATO) in Australia and the Inland Revenue Department (IRD) in New Zealand).

Where a customer is a foreign tax resident they must provide their country of tax residency and their Tax Identification Number (TIN) or select a reason for not having a TIN. For non-individuals (ie entities such as companies and trusts), the foreign tax residency (FTR) section of the application or in the separate self-certification form must be completed for the entity itself and for some types of entities, the FTR section needs to be completed for the controlling persons of that entity

Reporting starts from 30 June 2018 for New Zealand and 31 July 2018 for Australia, and then annually.

What do you need to do differently?

  • If you are a foreign tax resident, you will need to provide your country of tax residency and TIN, or select a reason for why you don’t have one.
  • If you select a ‘No TIN’ reason or fail the reasonableness test (ie when the tax residency doesn’t match the other information the customer has provided) AMP may need to contact you to collect some additional information.
  • Paper forms will include a mandatory FTR section.
  • Where the paper form or online application does not have a FTR section, a separate FTR self-certification form will need to be completed before the account can be opened.
  • If your tax residency changes, you will need to provide the updated information on the FTR self-certification and return it to AMP.
  • The FTR self-certification form is available on www.amp.com.au.
  • If a customer provides misleading or false information they may be subject to a penalty from the ATO.

If you're a foreign tax resident, your information and account details will be reported annually to the ATO which will then send information to the tax authority of the customer's tax residency as part of the global Automatic Exchange of Information requirements.

If you would like to know more, please refer to:

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