What is CRS?Show more
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.
What will happen?Show more
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 have to do?Show more
What do you need to do differently?
What will happen with the information you provide?Show more
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:
Important informationShow more
It’s important to consider your particular circumstances and read the relevant Product Disclosure Statement before deciding what’s right for you. This information hasn’t taken your circumstances into account.
This information is provided by AMP Life Limited. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.