Reminder: Common Reporting Standard

The Australian Government has committed to a new global standard on the automatic exchange of financial account information. This requires financial institutions around the world to collect tax residency information from our clients and came into effect on 1 July 2017.

CRS will impact cash and lending products but does not impact Share Trading accounts.

CRS also requires we review existing account holders and if the information we hold indicates they may be a non-Australian tax resident, they may be contacted by the Commonwealth Bank with a request to confirm their tax residency.

Changes to forms

To meet our obligations, we’ve updated the following PDF forms and the online application form for impacted products to capture your clients’:

  1. Countries of tax residency; and
  2. Associated Tax Identification Numberr (TIN) or a valid reason for not supplying a TIN.

Please use these updated forms from today to avoid any delays in processing time.

The updated cash and lending product terms and conditions dated 1 July 2017 are available on the links below.

Application forms from 1 July 2017

From 1 July 2017, if we receive an old application form, we may request for you to provide a self-certification form completed by your clients. Any existing (old) application forms currently in progress should have attached either an Individual Self-Certification Form or an Organisation Self-Certification Form which has been completed by your clients.

If you hold any printed stock of the existing application forms, please dispose of them. If you require printed copies of the new PDF application forms, please order these via your BDM or Relationship Manager.

Need more information?

If you have questions or would like more information, please speak to your BDM or Relationship Manager, or call us on 1800 252 351 between 8:30am - 6:00pm (AEST), Monday to Friday.

CommSec Adviser Services is a brand of Commonwealth Bank of Australia (‘CBA’) ABN 48 123 123 124 AFSL and Australian credit licence 234945. Share Trading and Portfolio Administration and Reporting are services provided by Australian Investment Exchange Ltd (AUSIEX) ABN 71 076 515 930 AFSL 241400, a Participant of the ASX Group and Chi-X Australia. The Accelerator Cash Account is issued by CBA and administered by AUSIEX. AUSIEX is a wholly owned but non-guaranteed subsidiary of CBA. Lending products under the CommSec Adviser Services brand are provided by CBA. Investment Loans are administered by its wholly owned but non-guaranteed subsidiary Commonwealth Securities Limited (‘CommSec’) ABN 60 067 254 399 AFSL 238814, a participant of the ASX Group and Chi-X Australia.

Published: 30 June 2017