Have you heard about the new Australian Tax Office (ATO) requirements for proof of identification? To minimise risk and identity theft, the ATO has implemented new guidelines on client identity verification in consultation with the Tax Practitioners Board (TPB). These new guidelines were enforced in May 2022.
What does this mean?
This means Yield Business Advisory must verify the identification of all new tax clients before we can provide a service to you.
Who needs to be verified?
If you’re an existing client of Yield Business Advisory, you do not need to provide identification unless:
- Your details have changed
- New representatives have been added to existing clients
- There are concerns about the accuracy and/or validity of the identification of existing clients
What forms of identification do I need?
You must provide two separate proof of identity documents. The exception is when a primary photographic proof of identity document can be verified using the visual method (for example, a driver’s license). The following verification methods include:
- Visual (e.g., driver’s license or Medicare card)
- Source ATO (e.g., bank statement which can be verified against ATO systems, super fund details)
- Source Document Verification Services
Still need clarification on what documents you can provide? Explore the ATO’s verification method in more depth.
What if I do not have any conventional identity documents?
We understand some clients may not be able to provide conventional forms of identification. If this applies to you, we recommend contacting us, and we can discuss your situation.
If you still have questions about the new ATO proof of identification requirements, contact us today, and our friendly team will be happy to assist.