Introduction to Accounts
The Australia Accounts module provides specific model configuration for Accounts products.
These sample products can be utilised to configure the Accounts products with the required functionality from Core. In addition, the Tax related functionality can be included in the Accounts product. The Core AA Retail Accounts is dependent for AUWHTX.
Product Configurations
The following sample products are released as part of this module.
|
Product Group |
Parent Product |
Child Product |
|---|---|---|
|
AU.CASH.MANAGEMENT.ACCOUNTS |
AU.CASH.MANAGEMENT.PARENT |
AU.CASH.MANAGEMENT.ACCOUNT |
|
AU.SAVER.ACCOUNTS |
AU.SAVER.PARENT |
AU.ONLINE.SAVER.ACCOUNT |
|
AU.KIDS.SAVER.ACCOUNT |
||
|
AU.TRANSACTION.ACCOUNTS |
AU.TRANSACTION.PARENT |
AU.TRANSACTION.ACCOUNT |
Common Reporting Standard (CRS)
The Common Reporting Standard (CRS) was introduced in Australia as part of a range of measures administered by the Tax Avoidance Taskforce (taskforce).
Information received from banks international exchange partners under the CRS helps ensure Australian residents declare foreign-sourced income and assets held in foreign financial accounts.
Banks are required to identify and report customers who could tax resident outside the country and holds accounts and deposits. The balances held by such customers across their accounts are computed and consolidated for the purpose of reporting.
Currently, the CRS report is generated using the schema record created in the EB.TRANSFORM application, resulting in identical values for the Message Ref IDs, Reporting FI DocRefIDs, and Account Report DocRefIDs fields. This functionality enables banks to generate the CRS report according to the new requirement to have “1”, “2” and “3” values appended to the Message Ref IDs, Reporting FI DocRefIDs, and Account Report DocRefIDs fields.
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