Australia FATCA Reporting Deadline Extended To 31 Aug 2021

March 9, 2021 – Australia – ATO has extended its FATCA reporting deadline to 31 Aug 2021. This extension does not apply to the submission of CRS reports.

ATO has also updated its guidance on new codes when a US TIN is not available. It is not mandatory to use these new codes for Reporting in 2021.

The US IRS has provided new optional codes to populate the TIN:
222222222 – Pre-existing individual account with only US indicia being a US place of birth.

333333333 – New individual account that has indicia of a US place of birth and either:

a) has a change in circumstances causing the self-certification originally obtained at account opening to be incorrect or unreliable, and a new self-certification has not been obtained, or
b) was below the threshold for documenting and reporting the account at the time of account opening and subsequently exceeded the threshold, and a self-certification has not been obtained.

444444444 – Pre-existing individual and entity account that has US indicia other than a US place of birth, and either:
a) has a change in circumstances, causing the self-certification or other documentation originally obtained to be incorrect or unreliable, and a new self-certification or other documentation has not been obtained, or
b) was below the threshold for documenting and reporting at the time of account opening and subsequently exceeded the threshold, and a self-certification or other documentation has not been obtained.

555555555 – New individual and entity account that has US indicia other than a US place of birth, and either:
a) has a change in circumstances causing the self-certification or other documentation originally obtained to be incorrect or unreliable, and a new self-certification or other documentation has not been obtained, or
b) was below the threshold for documenting and reporting the account at the time of account opening and subsequently exceeded the threshold, and a self-certification or other documentation has not been obtained.

666666666 – Pre-existing entity account with account balance exceeding $1,000,000 held by a passive NFFE with respect to which no self-certifications have been obtained, and no US indicia have been identified in relation to its controlling persons.

For more information, please click here.



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