Singapore and Australia to Share Data to Reduce Tax Evasion

6 September 2016, the Inland Revenue Authority of Singapore (IRAS) and the Australian Taxation Office (ATO) entered into a Competent Authority Agreement on the automatic exchange of financial account information based on the Common Reporting Standard (CRS). They will commence exchange under the CRS by September 2018. 

Under the agreement, IRAS will automatically exchange with the ATO, financial account information of accounts in Singapore held by Australian tax residents while the ATO will automatically exchange with IRAS, financial account information of accounts in Australia held by Singapore tax residents.

Both jurisdictions are satisfied with the confidentiality rules and data safeguards that are in place in the other jurisdiction to ensure the confidentiality of information exchanged and prevent its unauthorised use. Both jurisdictions will work toward implementing automatic exchange of information with other major financial centres to ensure a level playing field.