The Inland Revenue Authority of Singapore (IRAS) and the ATO have entered into an agreement on the automatic exchange of financial account information (AEOI) based on the Common Reporting Standard (CRS).
Singapore and Australia will commence exchanging information under the CRS by September 2018.
Under the agreement, IRAS will automatically exchange financial account information of accounts in Singapore held by Australian tax residents with the ATO, while the ATO will automatically exchange financial account information of accounts in Australia held by Singapore tax residents with IRAS.
Should you have any queries in regards to the above article, please do not hesitate to contact our office on
02 4958 1829 or email our Client Support Manager on email@example.com.