Australia: Updated FATCA, CRS guidance

Australia: Updated FATCA, CRS guidance

The Australian Taxation Office (ATO) issued updated guidance under the FATCA and common reporting standard (CRS) regimes.


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FATCA updates

According to the updated guidance:

  • The tax residence country code must be provided by all account holders that are organizations under the ResCountryCode data element, effective for the 2020 reporting year and onwards. If the ResCountryCode element is “US” the taxpayer identification number (TIN) of the organization account holder needs to be provided.
  • The small reporter tool must be downloaded each year and downloaded for a report prepared for each financial institution. However, if a single small reporter tool is created for more than one financial institution report, it will lead to the generation of duplicate MessageRefIDs and DocRefIDs. These files will create errors when received by the ATO.

CRS update

According to the updated guidance:

  • The updated CRS small reporter tool will be made available in early 2021, and based on the CRS XML Schema V2.0.

Read a December 2020 report [PDF 74 KB] prepared by the KPMG member firm in Australia

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