The Foreign Account Tax Compliance Act (FATCA) generally requires financial institutions (FI) and certain other non-financial entities that are foreign to the United States to report on assets held by their US account holders or be subject to withholding on withholdable payments.
Find out about:
How to report
Registration
Australian financial institutions with an obligation to report for FATCA must register with the Internal Revenue Service (IRS) on the FATCA Registration WebsiteExternal Link.
Upon approval the IRS will issue a Global Intermediary Identification Number (GIIN), which must be used in FATCA reports.
Please note the GIIN may not be available for use by the IRS up to 15 days after it's issued.
XML schema
FATCA reports must be created in eXtensible Markup Language (XML) format per the FATCA XML Schema and associated user guide available on the IRS websiteExternal Link.
From 17 January 2017 all reports, even for prior years, must be created using V2.0 of the FATCA XML Schema.
Small Reporter Tool
We have developed a lodgment tool for reporters with 50 or less individual and 50 or less organisation reportable accounts. Reporters can enter data into the FATCA Small Reporters Tool (SRT), (XLSM, 5.8MB)This link will download a file generate an XML file and lodge it via ATO online services.
If there are no reportable accounts, the SRT can be used to generate a nil report.
Ensure you have read the FATCA – Small Reporter Tool user guide before using the SRT.
At this stage the SRT is not available for MAC users.
Nil reports
If there are no reportable accounts for the year, nil reports are preferred but not mandatory. Lodging a nil report will help us monitor FATCA compliance and may reduce the need for us to contact you.
Users can create and lodge a nil report using the FATCA XML schemaExternal Link or the SRT.
Due date for the FATCA report
The FATCA reporting period is 1 January to 31 December. The report is due to be lodged by 31 July the following year.
Applying for an extension of time
If you are unable to lodge your FATCA report by 31 July, you can request an extension of time. To do this, use the Secure mail option in Online services for agents or Online services for business.
To apply for an extension select:
- Communication, Secure mail then New message
- View more topics followed by Lodge report
- then select Foreign Account Tax Compliance Act (FATCA) extension of time.
The message should include:
- the Australian business number (ABN) or TFN and GIIN of the reporting financial institution (the ABN or TFN is required as the request is recorded on the ATO system and remains active until the lodgment is received)
- the name of the reporting financial institution
- your name and daytime telephone number
- the reasons for the request
- the date by which you will be able to lodge the FATCA report.
How to lodge
You can lodge your FATCA report online through ATO online services using the file transfer facility:
Log in to Online services for business- Select Lodgments from the top menu then File transfer
- Select lodge
- Select Test or Lodge – files can be tested prior to lodging to check if any errors need be corrected.
- Attach your report and submit.
Select Lodge file
Select Test or Lodge – files can be tested prior to lodging to check if any errors need be corrected.
See also:
At lodgment, a validation report will be produced advising whether the lodgment was successful or not.
If successful an ATO reference number is provided. This confirms the report has been lodged to the ATO. This does not confirm the IRS has successfully processed the report.
Effect of the CRS wider approach on FATCA
US account holders must be reported in both the FATCA and CRS reports.
See also:
Backup of data
It is the responsibility of the FI to keep records as part of its FATCA reporting obligations. Submitted records may need to be re-supplied or referenced in the event of errors or amendments.
Correcting, voiding and amending reports
If a FATCA report fails ATO validation at lodgment, the file must be corrected and the entire report re-lodged.
If the ATO accepts a lodgment but is later advised by the IRS there is an error in the FATCA report, the IRS will provide the ATO with an error notification. We will contact you if corrective action is required.
FATCA report types
The following document types (DocTypeIndic) are used to lodge new, corrected , void, and amended data:
- FATCA1 (new data) – new data that has not previously be processed or voided
- FATCA2 (correction) – corrected reports are only lodged when responding to a request from ATO staff to correct specific data. This would occur where there is an IRS record-level error notification
- FATCA3 (void) – void reports are lodged to erase previously lodged reports after a request from ATO staff in response to specific errors in the original report. Users may also void a report at any time if they become aware of inaccurate information
- FATCA4 (amendment) – amended reports are lodged to amend a previously lodged report that is later found, by you, to contain incorrect information. Users are able to amend a record in a previously lodged report at any time. If, after lodging a report, you identify that some account holders were omitted from the report, you should lodge a new original report with just those omitted accounts and account information included. This option is NOT to be used in response to an IRS error notification.
Using the unique report identifiers when reporting a correction, void or amendment:
- When lodging a FATCA2, FATCA3 or FATCA4 report, each must have its own unique MessageRefId and refer to the report being corrected by inserting the original report’s MessageRefId in the CorrMessageRefId of the FATCA2, FATCA3 or FATCA4 report.
- When lodging a FATCA2, FATCA3 or FATCA4 report, each must have its own unique DocRefId and refer to the report being corrected by inserting the original report’s DocRefId in the CorrDocRefId of the FACTCA2, FATCA3 or FATCA4 report.
Next step:
- Get help by emailing ato-dmi@ato.gov.auOpens in a new window
Common errors
Unique report identifiers
These identifiers must be unique across all time and space, meaning they can only ever be used once. They are also used to ensure corrections, voids or amendments can be aligned to the correct report and account information.
There are two types of unique identifiers:
MessageRefId
The MessageRefId is the unique identifier for the report. It appears once in the report.
DocRefId
The DocRefId identifies specific records within the report and appears in:
- ReportingFI
- Sponsor (if applicable)
- All Account Holders
- Nil Report (if applicable).
DocRefId format: <ReportingFIGIIN>.<UniqueValue>
Examples of DocRefId:
- S519K4.99999.SL.392.12291cc2-37cb-42a9-ad74-06bb5746b60b
- 127BM7.00001.ME.124.406abc8a1830490e847890ba3b13a646.
The DocRefId must not include any non-alphanumeric characters. There are two exceptions to the rule, periods (.) and dashes (-) can be used. All other non-alphanumeric characters cannot be used. Some examples of non-alphanumeric characters that must not be included in the DocRefId are:
- underscore (_)
- at symbol (@)
- plus (+)
- ampersand (&)
- exclamation mark (!)
- asterisk (*).
Restricted characters
Certain characters are prohibited and may not be included in a FATCA report.
See also:
FilerCategory
The FilerCategory element is mandatory and should be included in all FATCA reports for the 2016 and later reporting years.
If the report is being lodged by a sponsor, report the FilerCategory code in the Sponsor element.
If the report is not being lodged by a sponsor, report the FilerCategory code in the ReportingFI element.
See also:
- IRS schema guidance webpageExternal Link
- Foreign Account Tax Compliance Act
- Automatic exchange of information guidance – CRS and FATCA
- IRS FATCA home pageExternal Link
- FATCA XML Schema v2.0 (ZIP 17.3KB)This link will download a file
- FATCA XML Schema v2.0 User Guide (PDF 1.15MB)This link will download a file – Publication 5124 on the IRS websiteExternal Link
- Foreign tax resident reporting – how the automatic exchange of information affects you.
Next step:
- A fact sheet for account holders is also available. You can order online at our publication ordering serviceExternal Link. To download a copy
- key in JS39015 in the Publication field and press Search
- click on the link to download Nat Number JS39015 Foreign tax resident reporting (PDF 161KB).