Australia: FATCA reporting deadline extended; U.S. TIN information mandatory for 2020 reporting year
Australia: FATCA reporting deadline extended
The Australian Taxation Office (ATO) extended the FATCA reporting deadline to 31 August 2021 (from 31 July 2021) for the 2020 reporting year to allow reporting financial institutions more time to obtain missing U.S. taxpayer identification numbers (TINs) and to modify the system in order to enable the reporting of codes.
The common reporting standard (CRS) reporting deadline of 31 July 2021 has not changed.
Missing U.S. TINs
Beginning with the 2020 reporting year, the reporting of U.S. TIN information is mandatory for reportable accounts included in FATCA reports. Failure to provide a valid TIN will result in an error notification from the U.S. tax agency (IRS). Financial institutions need to resubmit FATCA reports with valid U.S. TINs within 120 days.
To better understand the reasons why a foreign financial institution in a U.S. Model 1 IGA jurisdiction (such as Australia) may not have been able to obtain a reportable account holder’s U.S. TIN to date, the IRS has developed a series of codes that can be used to populate the U.S. TIN field in the FATCA report, as an alternative for using nine A’s (AAAAAAAAA). The use of the codes provided by the IRS is optional and does not imply that a foreign financial institution will not be at risk of being found non-compliant on failure to report each required U.S. TIN.
The IRS will consider the facts and circumstances mentioned by the foreign financial institution regarding the unavailability of the U.S. TIN—such as why the TIN could not be obtained, whether the foreign financial institution has adequate procedures in place to obtain TINs, and the efforts made to obtain TINs.
Read a March 2021 report [PDF 86 KB] prepared by the KPMG member firm in Australia
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