The Common Reporting Standard (CRS) was introduced in Australia as part of a range of measures administered by the Tax Avoidance Taskforce (taskforce).
Tax information exchange agreements TIEAs) allow the tax authorities of Australia and the participating country to exchange information to assist each other in administering and enforcing their tax laws on both civil and criminal matters.
The US-Australia double tax agreement covers income such as pensions, dividends, interest, and business profits, allowing reduced rates or exemptions to avoid double taxation.
The Privacy Act of 1974 established the Information Exchange Agreement (IEA). The IEA is a document used when CMS discloses Personally Identifiable Information (PII) to a Department of Health and Human Services (HHS) Operating Division (OpDiv), another federal agency, or a state agency.