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--- wiki:contents:fatca:fatca_v_crs [2017/05/01 12:47] – karen
+++ wiki:contents:fatca:fatca_v_crs [2017/05/06 15:45] (current) – [Source Material] karen
@@ Line 1: / Line 1: @@
 ====== FATCA vs CRS ======
-This page is a technical appendix to the blog post (insert link when published)
+This page is a technical appendix to the blog post [[http://fixthetaxtreaty.org/2017/05/01/crs-coming-soon-to-a-bank-near-you/|CRS - Coming Soon to a Bank Near You]] (published 1 May 2017).
 ===== Reporting Institutions =====
@@ Line 55: / Line 55: @@
 ===== Report to Parliament =====
-CRS requires the Tax Commissioner to report to Parliament the number of accounts reported under CRS. This is found in [[https://www.ato.gov.au/law/view/document?DocID=PAC%2F19530001%2FSch1-396-136&PiT=99991231235958|section 396-136 of the TAXATION ADMINISTRATION ACT 1953]]. The first report must be tabled in Parliament no later than the 15th sitting day after 31 December 2018.((I was unable to find a similar provision for FATCA. ~KA))
+CRS requires the Tax Commissioner to report to Parliament the number of accounts reported under CRS starting with calendar year 2018. This is found in [[https://www.ato.gov.au/law/view/document?DocID=PAC%2F19530001%2FSch1-396-136&PiT=99991231235958|section 396-136 of the TAXATION ADMINISTRATION ACT 1953]]. The first report must be tabled in Parliament no later than the 15th sitting day after 31 December 2020.((I was unable to find a similar provision for FATCA. ~KA))
+:!: This provision is only half of the equation. We really OUGHT to be hearing how many records/accounts Australia RECEIVES from its CRS partners (and from the US under FATCA) :!:
 ===== Source Material =====
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   * ATO Guidance for AEOI can be found [[https://www.ato.gov.au/General/International-tax-agreements/In-detail/International-arrangements/Automatic-exchange-of-information---guidance-material/|here]]. ([[http://web.archive.org/web/20170422081111/https://www.ato.gov.au/General/International-tax-agreements/In-detail/International-arrangements/Automatic-exchange-of-information---guidance-material/?page=1|Internet Archive]]) ((note that this consists of several pages that must be saved separately to the Internet Archive in the event of changes))
   * ATO Guidance for FATCA can be found [[https://www.ato.gov.au/general/international-tax-agreements/in-detail/international-arrangements/fatca-detailed-guidance/|here]]. ([[https://web.archive.org/web/20170422075445/https://www.ato.gov.au/general/international-tax-agreements/in-detail/international-arrangements/fatca-detailed-guidance/|Internet Archive]])
+  * 100 Countries have committed to CRS as of 5 May 2017: [[https://www.oecd.org/tax/transparency/AEOI-commitments.pdf]]
 It appears that the ATO may be merging the FATCA guidance into the AEOI guidance.