Australia & Ireland are to start sharing …
Australia & Ireland are to start sharing information in relation to non-resident bank accounts. In simple terms this means that Ireland will be providing Australia with details of balances & lodgements to some Irish bank accounts held by Australian residents. Disclosures should be made asap to avoid penalties where income has not been delared properly
The Common Reporting Standard (CRS) to be implemented from 2017
ato.gov.au
The Common Reporting Standard (CRS) requires banks and other financial institutions to report to the ATO information about accounts held by foreign tax residents.
