CRS is a common acronym used in a lot of industries. In real estate, for example, it refers to a Certified Residential Specialist. In the finance sector, however, it refers to a newly introduced Common Reporting Standard which came into effect in Australia in July 2017 and is the base requirement for the reporting and automatic exchange of international taxation information. The main reason for the introduction and implementation of CRS was to combat global tax evasion and safeguard the integrity of taxation systems in Australia and across the world. To remain compliant with these regulations, it helps to have CRS planning solutions in place. For specialist assistance with these matters in the Melbourne CBD, book an appointment with an advisor from Ignitus.
For Australian citizens living overseas or foreign residents based in Australia, it’s important to understand how this global standard applies to you so you don’t find yourself in trouble. If the country where the Australian citizen is based, or where the foreign resident living in Australia has come from, is a member of the Common Reporting Standard, the ATO and the other nation’s equivalent will share information relating to any share dividends or financial bonuses so as to avoid any potential for tax evasion. If you feel that you’re possibly going to need any assistance with international tax reporting, an Ignitus accountant can help you.
For more information on how we can assist with CRS planning solutions or any international tax reporting needs, get in touch with Ignitus today.