The ATO is reminding entities with Common Reporting Standard (CRS) or Foreign Account Tax Compliance Act (FATCA) reporting obligations that CY19 reports are to be lodged by 31 July 2020.

Entities that need extra time to prepare and lodge reports can apply for an extension via either:

Small reporter tools

If you have up to 50 reportable individual accounts and up to 50 reportable organisation accounts, you can use ATO’s small reporter tools (SRT) for CRS and FATCA. ATO says you can create nil reports using SRTs, but do not re-use old versions as SRT is updated periodically. Download an SRT for each report you create.

For more information, go to FATCA news and updates.