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”.