Australia: Circular on AEOI compliance improvement areas for reporting financial institutions
Key improvement areas identified as compliance gaps during ATO’s AEOI compliance reviews
The Australian Taxation Office (ATO) on April 3, 2025, issued an email circular outlining the key improvement areas for reporting financial institutions identified as compliance gaps during the ATO’s automatic exchange of information (AEOI) compliance reviews within the funds management sector. The ATO recommended the following areas to improve AEOI compliance:
- AEOI governance
- Third-party service providers (TPSPs)
- Responsibilities
- Controls
- Staff Capability
- Due diligence
- Documentation
- Self-Certifications
- Reasonableness testing
- Change in circumstances
- Reporting and data quality
- Quality Control
Read an April 2025 report prepared by the KPMG member firm in Australia