Australia: AEOI Self-Review guide and tool kit

By - Kate Ansah (she/her), Relationship Officer, International Relations and Capacity Building | International, Support and Programs

The Australian Taxation Office (ATO) is responsible for data collection and exchanges with foreign jurisdictions for 2 automatic exchange of information (AEOI) regimes: the United States of America's Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS).

Our AEOI compliance program seeks greater assurance that reporters with CRS and FATCA obligations (AEOI obligations) have appropriate frameworks in place and are correctly reporting to the ATO.

Last year Australia published the AEOI self-review guide and toolkit which provides practical information for Reporting Financial Institutions (RFIs) on how to conduct a self-review of their ‘AEOI framework’. It outlines 3 core elements and areas of compliance:

·         AEOI governance

·         due diligence obligations

·         reporting systems

The guide provides practical tips and examples of data tests for reporters, including an AEOI checklist to self-assess (and rate) the AEOI framework/s. Australia is the first jurisdiction to publish a guide of this type for CRS & FATCA reporters.

For more information see CRS and FATCA obligations - self-review guide and toolkit | Australian Taxation Office (ato.gov.au).

By - Kate Ansah (she/her), Relationship Officer, International Relations and Capacity Building | International, Support and Programs