ATO issues FATCA, CRS self-review guide, ‘toolkit’

Martin Koeleman explores the latest Automatic Exchange of Information (AEOI) guidance issued by the ATO and considers the impact for reporting Australian financial Institutions.

The Australian Taxation Office (ATO) issued a self-review guide and ‘toolkit’ for Common Reporting Standard (CRS) and United States’ Foreign Account Tax Compliance Act (FATCA) reporters. This comprehensive guide sets out the ‘best practice’ expectations that the ATO has of Reporting Financial Institutions (RFIs) with associated reporting obligations. Background The ATO’s role to collect and exchange data under the FATCA and CRS regimes has grown significantly over the last few years. In t...

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Authors: Martin Koeleman

Published Date: 20 July 2022