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Australian Taxation Office (ATO) updates

On February 23, 2021, the Australian Taxation Office (ATO) published a number of updates. Below are a few key points, but please see the official notice from the ATO in the link below.

https://www.ato.gov.au/Business/Third-party-reporting/FATCA-reporting/FATCA-news-and-updates/

  • Extension of time to submit FATCA reports. The deadline for submitting 2020 FATCA reports is August 31, 2021. This extension does not apply to CRS submissions. The purpose of the extension is to allow FIs more time to obtain missing TINs from account holders and to modify systems for reporting of TIN codes. This year, the ATO will send 2020 FATCA reports to the IRS in September 2021, instead of the sending the reports upon receipt.
  • 2020 FATCA reports require a TIN. The IRS has developed an optional coding system in order to understand why FIs have not been able to obtain a U.S. TIN. This is an alternative to using nine As (AAAAAAAAA).
    • 222222222 – Pre-existing individual account with the only U.S. indicia as a U.S. place of birth.
    • 333333333 – New individual account that has one indicia of U.S. place of birth and either:
      • has a change in circumstances causing the self-certification originally obtained at account opening to be unreliable or incorrect, and a new self-certification has not been obtained.
      • was below the threshold for documenting and reporting the account at the time of account opening and later exceeded the threshold, and a self-certification has not been obtained.
    • 444444444 – Pre-existing individual and entity account that has U.S. indicia other than a U.S. place of birth and either:
      • has a change in circumstances causing the self-certification originally obtained at account opening to be unreliable or incorrect, and a new self-certification has not been obtained.
      • was below the threshold for documenting and reporting the account at the time of account opening and later exceeded the threshold, and a self-certification has not been obtained.
    • 555555555 – New individual and entity account that has a U.S. indicia other than a U.S. place of birth and either:
      • has a change in circumstances causing the self-certification originally obtained at account opening to be unreliable or incorrect, and a new self-certification has not been obtained.
      • was below the threshold for documenting and reporting the account at the time of account opening and later exceeded the threshold, and a self-certification has not been obtained.
    • 666666666 – Pre-existing entity account with account balance exceeding $1m held by a passive NFFE with respect to which no self-certification has been obtained, and no U.S. indicia has been identified in relation to its controlling persons.
Australian Taxation Office

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This document contains general information only and is not a substitute for accounting, tax, or any other professional advice or services. The information provided is considered accurate at the time of publishing and will not be updated with new regulation requirements.

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