• Marco Zawar MBA/LLM (Tax)

Australian Taxation Office provided updates on FATCA reporting for reporting year 2020 and onwards

The current Model-1 IGA stipulates that Reporting Australian Financial Institutions shall exchange financial account information on U.S. Reportable accounts on an annual basis.

The information to be exchanged inter alia includes the U.S Tax Identification Number ( #TIN)

IRS Notice 2017-46 provided a transition phase on exchange of TIN’s related to pre-existing accounts for the calendar years 2017, 2018 and 2019.

On their FATCA News and updates website the Australian Taxation Office (#ATO) provides further guidance on the exchange of TIN's for pre-existing accounts held by individuals, legal entities and controlling persons for the reporting year 2020.

In addition, ATO asks Reporting Australian Financial Institutions to exchange the tax residency country code for all account holder that are legal entities for reporting year 2020 and onwards.

©2019 by Marco Zawar