Australia Updates FATCA and CRS Pages, Adds FATCA Reporting Explanation

The Australian Taxation Office has made some revisions to the ATO FATCA and CRS websites.

Additionally, the ATO has created a new FATCA Reporting page that provides essential information regarding the transmittal of FATCA returns. The reporting page confirms that Australia will continue to use the IRS XML Schema, and permit but not require Nil reports. Extensions of time are available, if necessary. In addition, the reporting page also contains a list of common errors, and how to make corrections.

As for CRS, Australia is a late adopter, and will have its due date of July 31, 2018. This report will include data from July 1, 2017 through December 31, 2017. After this period, reports should include data from January to December.

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