The Foreign Account Tax Compliance Act (FATCA) was enacted by the United States (US) Congress in March 2010 to improve compliance with US tax laws.
FATCA imposes certain due diligence and reporting obligations on foreign (non-US) financial institutions, including Australian institutions. These institutions will be required to report information on US citizens with financial accounts to the US Internal Revenue Service (IRS).
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There are changes to IRS requirements for the reporting of account holder US TINs for the 2020 reporting year onwards.
Two new validation rules are being added to the FATCA service. The updated code will be deployed to the EVTE environment, and published to the SBR website, on Thursday 18 July and to the production environment on Tuesday 30 July.
Information about Reporting account holder United States taxpayer identification numbers (TINs), including due diligence actions where a TIN is not held by a FATCA reporter, has been updated.
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The IRS provides information on the latest news, guidance and other FATCA-related topics. You can subscribe to receive the IRS newsletter.
For more information, refer to:
- Automatic exchange of information guidance – CRS and FATCA
- FATCA XML form 8966 schema v2.0
- FATCA Reporters page
Internal Revenue Service (IRS) website
- Foreign Account Tax Compliance Act
- Frequently Asked Questions (FAQs) - FATCA Registration System
- FATCA XML Schemas and Business Rules for Form 8966
US Department of Treasury website
Australian Treasury website
- Agreement between the Government of the United States of America and the Government of Australia to Improve International Tax Compliance and to Implement FATCA (PDF, 286.70KB)
Parliament of Australia website
Email questions and feedback to DPO@ato.gov.au