Australia Tax Agency Updates Guidance on FATCA, CRS Reporting

The Australian Taxation Office Dec. 18 updated guidance on reporting obligations for financial institutions under the U.S. Foreign Account Tax Compliance Act (FATCA) and the common reporting standard (CRS). The updated topics include: 1) conditions for non-reporting financial institutions to qualify as credit card issuers; 2) instructions for reporting temporarily overpaid credit cards and equity interests in partnerships and trusts; 3) clarifications for the definition of financial accounts and due diligence procedures; and 4) requirements for reporting investments and TINs under extraordinary circumstances. [Australia, Australian Taxation Office, 12/18/18]

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