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  • 9 Updates to this guidance

    This AEOI guidance material is updated from time to time. The table below contains the updates to this guidance in chronological order and a description of significant updates or changes made:

    Details of updates to this guidance

    Date of update

    Updates or changes made

    April 2016

    • original publication

     

    June 2016

    • 7 – new content for transitional arrangements for exchange traded product issuers

     

    September 2016

    • 1.3 – new example of effect of the 'wider approach' on FATCA practices
    • 2.1 – new content on the residence of RFIs that are trusts and the maintenance of accounts
    • 3.6 – revised content on interests in Investment Entities 'regularly traded on an established securities market'
    • 3.9 – new listing of Excluded Accounts
    • 3.10 – new listing of retirement and pension accounts
    • 3.11 – revised content on Escrow Accounts held by non-financial intermediaries
    • 3.15 – new content on collateral and derivative arrangements – Custodial Accounts
    • 4 – new introduction to Due Diligence chapter
    • 4.2 – new content on alternative procedures and elections
    • 4.3 – new content on treatment of New Accounts as Pre-existing Accounts and joint account holders opening a New Account
    • 4.5 – new content on due diligence – Pre-existing Individual Accounts, Lower Value Accounts
    • 4.6 – new content on due diligence – Pre-existing Individual Accounts, High Value Accounts
    • 4.7 – new content on TINs and reasonableness of self-certifications for New Individual Accounts
    • 4.8 – new content on due diligence – pre-existing entity account thresholds
    • 4.9 – new content on due diligence – pre-existing entity accounts
    • 4.10 – new content on due diligence – New Entity Accounts
    • 4.11 – revised content on due diligence – settlors of trusts
    • 4.12 – revised content on beneficiaries of trusts – Controlling Persons
    • 4.14 – new content on validity and reasonableness of a self-certification
    • 5.1 – new content on Reportable Accounts
    • 5.2 – new content on Reportable Persons
    • 5.3 – new content for reportable information for Reportable Accounts
    • 5.4 – new content on account balance or value
    • 5.5 – new content on Taxpayer Identification Numbers (TINs) and date of birth
    • 5.6 – new content on closed accounts
    • 5.7 – new content on undocumented accounts
    • 5.8 – new content on identification of an account as reportable
    • 5.12 – new content on payments to Non-Participating Financial Institutions – FATCA only
    • 5.13 – new content on currency reporting and related issues
    • 6 – new introduction to compliance chapter
    • 6.1 – revised content on failure to obtain a self-certification – CRS
    • 6.2 – new content on significant non-compliance – FATCA
    • 6.3 – new content on collaboration on compliance and enforcement – CRS
    • 6.4 – new content on anti-avoidance measures – CRS
    • 7 – new section on transitional arrangements
    • 9 – new table on updates to the AEOI guidance material in chronological order

     

    April 2017

    •  2.16 – new content on not-for-profit organisations as financial institutions
    • 3.16 – new content on Financial Accounts maintained by not-for-profits
    • 4.5 – revised content on due diligence for Lower Value Pre-existing Individual Accounts
    • 4.7 – revised content on self-certifications for new accounts
    • 4.9 – revised content on due diligence for pre-existing entity accounts
    • 4.10 – revised content on due diligence for New Entity Accounts
    • 4.14 – revised and new content on the validity and reasonableness of a self-certification
    • 4.15 – new content on the validity of documentary evidence
    • 4.16 – new content on finalising due diligence before reporting
    • 4.17 – new content on changes in circumstances
    • 4.18 – new content on the account balance aggregation rule
    • 4.19 – new content on CRS participating jurisdictions
    • 5.1 – revised content on Reportable Accounts
    • 6.5 – new content on undocumented accounts compliance

     

    July 2017

    • 4.19 – new jurisdictions added to list of CRS participating jurisdictions

     

    August 2017

    • 2.1 – revised content on when a trust may be an Australian financial institution
    • 4.19 – addition of Belize as a Participating Jurisdiction with effect from 7 August 2017

     

    November 2017

    • 2.3 – clarification of income attributable to holding financial assets
    • 2.8 – new content on the 'managed by' test
    • 4.11 – new content on settlors of trusts with Pre-existing Accounts
    • 5.6 – new content on reporting of payments to closed accounts
    • 6 – new content on record-keeping requirements
    • 7.1 – new content on reporting of U.S. TINs in FATCA reporting

     

    February 2018

    • 4.19 – revised list of Participating Jurisdictions

     

    November 2018

    • General revisions to reflect moving from initial implementation to ongoing obligations
    • 2.15 – added guidance for new qualified credit card issuers
    • 3.1 – new content for money transfer businesses
    • 3.2 – new content for temporary overpayment of credit cards
    • 3.5 – new content on equity interests in partnerships and trusts
    • 3.6 – revised content to focus on meaning of Financial Account
    • 4.11 – clarification of interaction between AML/KYC procedures and CRS due diligence
    • 4.14 – new content on residence and citizenship investment schemes
    • 5.5 – new content relating to hardship, and exceptional circumstances preventing access to TINs
    • 8 – new glossary of common terms

     

    March 2019

    • 4.19 – revised list of Participating Jurisdictions
    • 5.2 – new content relating to dual residents and tiebreaker rules

     

    August 2019

    • removed FAQs, merged content with main guidance

     

    February 2020

    • 3.9 – removed Scholarship Plans from list of Excluded Accounts

     

    April 2020

    • 3.4.1 – new content relating to accounts created by placing agents
    • 4.19 – updated content regarding CRS participating jurisdictions 

     

    August 2020

    • 4.7 – new content to clarify the timing of account opening
    • 4.7 – updated content regarding 'exceptional circumstances'

     

    April 2021

    • 2.9 – removed self-managed super funds and small APRA funds from the definition of non-reporting financial institution
    • 3.4.1 – minor revision for 'placing agents'
    • 3.9 – added accounts held by self-managed super funds and small APRA funds to list of Excluded Accounts
    • 3.11 – clarified Escrow Accounts requirements
    • 4.10 – clarified self certification requirement for Account Holders who are not reportable persons
    • 4.10 – correction to paragraph referencing
    • 4.19 – updated content regarding CRS participating jurisdictions 
    • 8 – minor correction to Glossary
     

    July 2021

    • 3.9 clarified account exclusion for self-managed super funds and small APRA funds.
     

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      Last modified: 02 Aug 2021QC 48683