The Common Reporting Standard (CRS) is an Organisation of Economic Cooperation and Development (OECD) initiative for a single global standard of the collection, reporting and exchange of financial account information on foreign tax residents. Australia have implemented the CRS into law on 18 March 2016 with the legislation taking effect on 1 July 2017.
Under the legislation, Customs Bank is required to identify and collect information from members to establish tax residency. Information on foreign tax resident accounts must be reported to the Australian Tax Office (ATO) by 31 July each year.
If you have an existing account or product with us, we may contact you if we have information to suggest that you are a foreign resident for tax purposes.
It is important that you respond to any requests and confirm your tax residency status to ensure that your membership information is accurate and to ensure that the information provided to the tax office is correct.
If you have any questions about the CRS please call our Contact Centre on 131 728.
If you are considered a taxpayer in a country other than Australia, please download and complete the Individual Tax Residency Self Certification form here.
If you are not or are no longer a Foreign Resident for tax purposes, please download and complete the Australian Tax Residency Declaration Form here.
Please send all completed forms to 25 Pelican Street, Surry Hills NSW 2010 or scan and email your completed form to ServiceOperations@customsbank.com.au.