Australia: CRS reporting for trustee-documented trusts
The ATO released an email circular regarding incorrect reporting of trustee-documented trusts under CRS.
CRS reporting for trustee-documented trusts
The Australian Taxation Office (ATO) on July 10, 2024, released an email circular regarding incorrect reporting of trustee-documented trusts (TDT) under the common reporting standard (CRS).
The circular notes that a trust classified as a reporting financial institution may delegate its due diligence and reporting responsibilities to its trustee when it is a TDT.
However, such delegation does not permit the trustee to consolidate multiple CRS reports into a single report when acting as the trustee for multiple trusts. The trustee needs to submit a separately identifiable CRS report for each trust, using the respective trust’s identifiers (e.g., name, Australian business number (ABN)).
The circular also includes a few examples to illustrate correct and incorrect reporting outcomes.
Read a July 2024 report prepared by the KPMG member firm in Australia
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