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  • Don't forget your TINs - FATCA reporting requirements

    If you are an Australian financial institution with reporting obligations for the Foreign Account Tax Compliance Act (FATCA), it is important you remember to include the United States (US) taxpayer identification number (TIN) for each individual US Specified Person.

    If you cannot provide a TIN for each individual you report on, you must comply with the following US due diligence actions:

    • obtain and report the date of birth of each account holder and controlling person whose US TIN is not reported
    • request any missing US TINs from each account holder annually
    • search electronically searchable data maintained by the reporting institution for any missing US TINs before reporting each year.

    The US Internal Revenue Service (IRS) will accept reporting of accounts without a TIN through to the 2019 reporting season, but only if the above strict conditions are met.

    Any financial institution that does not provide complete information in a FATCA report lodged with us may incur Australian penalties. In addition, the IRS may determine the financial institution to be significantly non-compliant, a status that can lead to adverse US withholding tax treatment for the financial institution.

    If you have any queries you can contact us by email at FATCAProjectTeam@ato.gov.au

    The deadline for submitting FATCA reports is 31 July.

    See also:

    Last modified: 19 Jun 2019QC 59360