Regulation Impact Statement Updates

Official website for publishing regulatory impact analysis information for regulatory decisions announced by the Australian Government, COAG and COAG Councils.

Implementation of the Common Reporting Standard

Aust Gov
25th May 2016

Regulation Impact Statement – Department of the Treasury

On 3 December 2015 the Treasurer introduced legislation to require certain financial institutions in Australia to report information to the Commissioner of Taxation about financial accounts held by foreign tax residents.

In order to identify relevant accounts, financial institutions will need to carry out the due diligence procedures outlined in the Standard for Automatic Exchange of Financial Account Information in Tax Matters, commonly known as the Common Reporting Standard.

A Regulation Impact Statement (RIS) prepared by the Department of the Treasury has been assessed as compliant and consistent with best practice by the Office of Best Practice Regulation.

The RIS estimates the implementation of the Standard will increase regulatory costs by $67.2 million per annum. The regulatory costs and offsets were agreed with the OBPR.

Back to all Updates