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Introduction to the Common Reporting Standard

Course description

The staff of financial services institutions - especially banks - have an important role under the CRS

CRS is an initiative by various countries around the world to reduce tax evasion. By exchanging information about interest earned on bank accounts held by foreign tax residents, governments can ensure that people pay the right amount of tax. As Australia is a signatory, Australian banks and other financial institutions are required to monitor and report to the ATO on the interest earned by foreign tax residents.

There are significant penalties for institutions that fail to report on customers who are foreign tax residents. In most cases, identifying foreign tax residents can only be done by staff who notice relevant indications.

This single-module course introduces the CRS to learners and explains the basic concepts. It outlines their responsibilities in spotting

  • possible foreign tax residents
  • possible tax residency changes
  • possible attempts to evade overseas tax

The lesson provides scenarios that demonstrate how the system works and illustrate the meaning of key terms such as foreign tax residency.

Your institution should have in place procedures for spotting a change of tax residency and develop a training plan for staff in this area.

Who should do this training?

The course is suitable for customer-facing staff and their managers who open and manage customer accounts.

Course outline

Module one: Introduction to fraud Duration: 15 minutes

 ·       Define key terms

·       Show how CRS reduces tax evasion

·       Identify the difference between tax residency and migration residency

·       List steps to take when opening an account

·       Spot changes in tax residency

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