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Some not-for-profit (NFP) organisations will be affected by the Common Reporting Standard (CRS), which is currently being implemented in Australia and is a single global standard for the collection, reporting and exchange of financial information on foreign tax residents. The ATO has released new advice to help the NFP sector understand their obligations under the CRS.

Under the CRS, many entities – including some NFP organisations – will be required to collect and report to the ATO financial account information on non-residents. The ATO will exchange this information with the participating tax authorities of those non-residents.

The ATO will also receive financial account information on Australian residents from other countries’ tax authorities. This helps ensure that Australian residents with financial accounts in other countries are complying with our tax law. NFPs could fall within a category required to report under the CRS if a significant proportion of their income is derived from investments.

Access the ATOs advice on the Common Reporting Standard

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