What information do I need to provide for Common Reporting Standard (CRS)?
If you are a new customer, you will be required to complete a Common Reporting Standard (CRS) questionnaire and provide certification when opening your account.
If you are an existing account holder, you may be requested to provide additional documentation to ensure your status is properly documented for Common Reporting Standard purposes. All information can be submitted through your PayPal account by following alert notification prompts.
The Common Reporting Standard (“CRS”) information that must be collected may include, but is not limited to,
- the account holder’s address and/or
- other information relevant to establishing tax residency.
- Business type or classification
- Tax Identification Number (TIN) if the account holder has tax residencies outside of Australia
- A certification stating whether,
- the account holder(s) is or is not considered a reportable person(s)
- the entity is a sole trader or a business entity.
- the entity has or does not have substantial owners or controlling persons.
- If it does have substantial owners or controlling persons:
- the names and addresses of those owners or persons, since PayPal must collect the necessary information through documentation for reportable persons acting as sole traders or controlling persons of a business entity.
Situations where additional documentation may be required include:
- If data previously collected about an account holder does not match the information already provided;
- If an account holder claims they are a non-reportable person; but PayPal finds that certain tax residency identifiers exist in the customer’s information.