Australia: Financial institutions must use FATCA XML Schema v2.0

Financial institutions must use FATCA XML Schema v2.0

The Australian Tax Office (ATO) has advised that it is upgrading its FATCA portal for compatibility with FATCA XML Schema v2.0 (as published by the Internal Revenue Service). The ATO also noted that it will no longer accept reports using previous versions of the schema.

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Filing and testing facilities will not be available to financial institutions during the upgrade of the portal. During this time, Australian financial institutions need to begin updating their systems now in order to generate their 2016 FATCA Reports (due by 31 July 2017) using the new schema.

 

Read a February 2017 report [PDF 95 KB] prepared by the KPMG member firm in Australia

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