On 3 March 2015, Switzerland and Australia signed a joint declaration to automatically exchange information based on the OECD’s common reporting standard (CRS).
Under the agreement, the Australian Taxation Office will automatically receive details of financial accounts such as investment income and balances, that Australians hold in Switzerland, and use it to check against the income declared in Australian tax returns.
The Swiss Federal Tax Administration will receive details of Swiss residents that hold financial accounts in Australia.
This is the first such declaration entered into by either Government.
Australia and Switzerland are to implement the CRS from 2017, and first exchange information in 2018. Over 90 other jurisdictions have committed to implement the CRS according to a timeline agreed by the G20.
As per the signed Declaration, the two countries have reached the following understandings:
This will be subject to:
and will be dependent on the undertakings referred to in paragraph 5 below.
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