Australian Taxation Office provides FATCA updates related to the U.S. Tax Identification number

The Australian Taxation Office (ATO) provided updates regarding the temporary relief procedures on reporting U.S. Tax Identification numbers (U.S. TIN) set out in Notice 2023-11.

ATO stated that Financial Institutions (FIs) complying with the regulations but failing to submit a U.S. TIN for a pre-existing account will not be considered non-compliant when certain additional due diligence requirements listed in Notice 2023-11 are met.

ATO affirmed that FIs for the reporting year 2022 can use either the TIN codes issued by the IRS in May 2021 or the updated TIN codes issued by the IRS in early 2023, but also stated that FIs for the reporting years 2023 and 2024 are required to use the latest TIN codes published by the IRS. For more info please refer to Q6 under the Reporting Section of the IRS Frequently Asked Questions FAQs FATCA Compliance Legal.

ATO specified the solicitation requirements financial institutions need to use the proper methods of communication to reach each account holder and provided advice to retain

· Records of the policies and procedures adopted for the compliance requirements

· Documentation proving the adherence to the policies and procedures

through the end of the calendar year 2028.

The full update can be found under FATCA News & Updates