The Competent Authority Agreements (CAA) agreements to exchange financial information for tax purposes under the Common Reporting Standard between Singapore and Australia entered into force on 27 February 2017.
According to the agreement, the Inland Revenue Authority of Singapore (IRAS) will automatically exchange information with the revenue authority of Australia about the Singaporean financial account of an Australian resident and Australian revenue authority will exchange information with the Inland Revenue Authority of Singapore about the financial account information held by Singapore tax residents in Australia.
The first exchange of information will take place by September 2018 and the first submission by Singapore financial information is scheduled for 31 May 2018.
