In case you missed it, the Australian Taxation Office (ATO) registered an Automatic Exchange of Information (AEOI) guide and toolkit for Reporting Financial Institutions. The expected completion is in May 2022. The guide will assist and support Reporting Financial Institutions to self-review their internal control framework to ensure that they meet AEOI compliance obligations which cover the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) obligations. It will also include practical guidance for self-review of core elements such as AEOI governance, due diligence, reporting systems, and data testing. For this consultation, the ATO is consulting financial institutions and tax practitioners. Those wishing to comment should contact the Consultation Lead.
Check out the Consultation and additional details here:
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