Australia: CRS reporting for trustee-documented trusts

The ATO released an email circular regarding incorrect reporting of trustee-documented trusts under CRS.

July 23, 2024

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

Thank you!

Thank you for contacting KPMG. We will respond to you as soon as possible.

Contact KPMG

Use this form to submit general inquiries to KPMG. We will respond to you as soon as possible.

By submitting, you agree that KPMG LLP may process any personal information you provide pursuant to KPMG LLP\'s . Privacy Statement

An error occurred. Please contact customer support.

Job seekers

Visit our careers section or search our jobs database.

Submit RFP

Use the RFP submission form to detail the services KPMG can help assist you with.

Office locations

International hotline

You can confidentially report concerns to the KPMG International hotline

Press contacts

Do you need to speak with our Press Office? Here's how to get in touch.

Headline