Not-for-profits and the Common Reporting Standard

Many not-for-profit (NFP) organisations will be impacted by the Common Reporting Standard (CRS).

The CRS is the single global standard for the collection, reporting and exchange of financial account information on foreign tax residents on an annual basis.

The CRS requires Financial Institutions to collect and report Financial Account information on foreign tax residents (Reportable Accounts). Under the CRS some NFPs will be Financial Institutions and may have obligations to report to us. NFPs could be Financial Institutions by either having managed investments or by conducting an investment business.

To view the ATO article in full, click here.

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