Coming soon: Common Reporting Standard

The Australian Government has committed to a new global standard on the automatic exchange of financial account information, effective from 1 July 2017. This requires financial institutions around the world to collect tax residency information from our clients. The new requirement, known as the Common Reporting Standard (CRS), aims to deter global tax evasion.

When establishing cash or lending products, you will need to capture your clients’:

  1. Countries of tax residency; and
  2. Associated tax identification number (TIN) or reason for not supplying a TIN,

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 will be making changes to the cash and lending application forms and terms and conditions. The online application form will be updated on 17 June 2017 and the updated PDF forms and terms and conditions will be available shortly. We will notify you via email and site news once these are available.

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. The Accelerator Cash Account is issued by CBA and administered by Australian Investment Exchange Ltd (‘AUSIEX’) ABN 71 076 515 930 AFSL 241400. 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: 09 June 2017