Australia: Updated AEOI guidance

Australia: Updated AEOI guidance

The Australian Taxation Office (ATO) updated automatic exchange of information (AEOI) guidance to clarify the timing of account openings and update content on “exceptional circumstances.”

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The updates in the section on “Due diligence: Self-certification for new individual accounts” (section 4.7) include:

  • Reporting financial institutions must not materially advance the account opening without obtaining a self-certification.
  • The addition of two examples on obtaining self-certifications and what can be considered a breach of self-certification requirements.
  • An update clarifying that exceptional circumstances do not extend to instances when it is difficult to obtain self-certifications. Additionally, reporting financial institutions must have robust procedures in place so that self-certifications can be obtained in all cases.


Read a September 2020 report [PDF 79 KB] prepared by the KPMG member firm in Australia

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