Hi xzars,Account turnover has nothing to do with CRS. Where do you get this information? Or are you blatantly refusing to read basic 1-2 A4 summaries of reportable data available on OECD website?
Reportable are your Personal Data, Your account balance, and Investment Income (incl. account interest earned and dividends).
Year end being 31 Dec, or does this work on another year end basis?If you want to avoid CRS by draining your account before the year-end, this won't work. As you can see, your relatively uninteresting low value accounts of <5K got reported anyhow.
Nevertheless, there can be some benefits to having the year-end balance as low as possible. If you have a few tax officials to go over a million CRS reports, some cost-benefit choices must be made.
Depends on how you read "payments credited", but it's either a mistake or deliberate loose wording to reserve room to maneuver (legal liability risks).
I've seen full data of my own reports, and this information is never featured.
The CRS is a standardized protocol with fixed data-value pairs. Banks can't make their own version of CRS as all data-value pairs are harmonized at the OECD level. Interest and dividend income, other investment income credited to your account, from the investment products you maintain with the bank who reports, IS part of your income under CRS rules. But received salary, received loan principal repayments, received payments from other accounts in your name, refunded hotel booking fees, received mom's birthday present... IS NOT. Any other approach would make the bank engage in guessing games.
With the bolded-out text, note that there's a difference if you receive investment income from companies where the reporting bank is not your investment custodian/broker. In that case, this data falls out of scope too. The reason is the same, if they don't manage your investments account, there's no way to conclude if the incoming funds constitute fresh income, taxed capital of prior years, or a mix of both. There are no grounds to report any of it as received income; reporting anything as income on assumptions, or payment descriptions alone would be malicious activity towards the customer.