Australia updates validation rules

On 13 March 2019, the Australian Taxation Office (“ATO”) issued an update to the Common Reporting Standard (“CRS”) reporting process (Link). Over the next few months, the ATO will be updating a number of validation rules for 2018 CRS reports due by 31 July 2019. The updated validations will trigger ‘error’ messages and require correction before a successful lodgment can be accepted. Users must ensure that their 2018 CRS reports conform to the following validation rules:

  • Namespaces must be provided in your CRS files. Refer page 290 of the CRS XML Schema User Guide (Link).
  • The Account Balance must be zero if an account was closed during the reporting year.
  • The ReportingFI ResCountryCode element must be AU.
  • The BirthDate element cannot be greater than the current date or before 1900.
  • Controlling Person/s must be provided when “Account Holder = Organisation & Account Holder Type = CRS101”.
  • Controlling Person/s must be omitted when “Account Holder = Organisation & Account Holder Type = CRS102 or CRS103”.

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