Liberty and justice for all United States persons abroad

The Isaac Brock Society

FATCA and Australia – Part 1 of 2

January 2020:  This thread continues at FATCA and Australia – Part 2 of 2.

 

Let’s Fix the Australia/US Tax Treaty! The Australia/US tax treaty needs urgent revision to prevent double taxation. Get involved at www.FixTheTaxTreaty.org

Australian Americans Overseas 640 x 640

Posts on The Isaac Brock Society website concerning FATCA and Australia

For articles on other websites, see Media and Blog Articles

For general discussion of FATCA, see  FATCA Discussion Thread

For links to some websites and contact info (government, organisations, tax information), see Australia Information Links

***If clicking on a comment link brings you to the wrong page, click here  to get on the most recent page of comments. (alternatively, to reach the most recent comment page, go to  the url in the bar at the top of your browser and delete everything after October 2018

25: John Richardson and Karen Alpert Session in Brisbane Australia Oct 25, 2018

August 2018

01: U.S., U.K., Canada, Australia and Netherlands form international tax enforcement group

January 2018

08: Investing with One Hand Tied Behind Your Back – an Australian Perspective on United States Tax Rules for Non-Resident Citizens

July 2017

18: Australian Greens Senator @LarissaWaters resigns because of her CANADIAN place of birth-Too bad she was born in Canada

March 2017

13: What Lessons Can Be Learned from the Sad Stories of “IRS Compliant” Australians Shaun and Mary?

November 2016

30: “Solving U.S. Citizenship Problems” – Online January 9, 2017 (Australia)

August 2016

25: Let’s Fix the Australia/US Tax Treaty!

May 2016

15: Australia: Dealing with Superannuation

February 2016

19: #Australia funds America’s #FATCA #Ethnic Identification System

September 2012

27: Last Day to make a FATCA submission to the Australian Govt

07: Australia and FATCA

August 2012

28: Australian Government wants YOU to tell them what to do about FATCA

July 2012

20: Australian Financial Services Council lobbies Washington for FATCA exemption

 

1,187 thoughts on “FATCA and Australia – Part 1 of 2”

  1. @All,

    Is it possible for the ABC to run a story on the problems. How about a question on Q and A. I think the citizenship and discrimination angle is great. Also pointing out the double taxation is very important. I believe if the media can get a good hold on this then awareness will increase.

    I feel that some Australian Officials understand the problem and could possible think it is unfair but because it does not effect them directly they simply behind the scenes put in the too hard basket. For example my wife and I have spoke to treasury many times over the past few years and still nothing has changed.

  2. @Au

    “I think the citizenship and discrimination angle is great. Also pointing out the double taxation is very important.”

    Don’t forget the ones who elect to relinquish- to end the costs & confusion- only to be told that they must “pay their own ransom” EXACTLY as the slaves in the south had to do to gain their freedom.

    I did not consent to my citizenship, why should I have to pay to hand it back?

  5. @All

    The ABCs the DRUM last night showed a senate inquire into the changes to paid prenatal leave by the current government. Is there a way to have a senate enquire into FATCA and CBT. This would educated alot of people.

    Is there a way to make this happen?

  7. Re: Letter. I am thinking about it. The ask will be for a Senate Inquiry and also change in misleading information on ATO website about tax treaties (that has also mislead Parliament). My knowledge really needs to be expanded in how to get a Parliamentary Inquiry going. I’ll need to investigate. I suppose as the Senate is ‘the House of review’ then we try to instigate there? Xenophon? Are there Inquiries in the House? I think an Inquiry would be a logical and Parliamentary palatable step to seek before we ask for legislation or tax treaty changes.

    I am thinking of referencing Boris Johnson (because his tax issue has been very public – and we don’t have news articles about Australian residents impacted), and also Patricia Moon $455,000 FBAR terror. & FATCA as enforcement mechanism of CBT where not really enforced previously. Ideally we would keep the argument all in house – as issues only in Australia – yet I don’t see the firm press article backing for that. Then we will indicate that it is more of a global issue, but maybe bring it back to Australia in that Australia like countries of the world on the issues are implicated in a Human Rights Compliant infront of the UN – That Australia is implicated into Human Rights abuses on Australian soil against its own citizens and residents. Of course the arguments of discrimination and 2nd class citizenship need to be in too.

    I might try to get the draft of the letter as a feature on IBS, instead of just posting here. Yet I wish to engage on some details here.

  8. @JC,

    I recently spoke to Xenophon’s Electoral Office and the individual I spoke with had knowledge of FATCA but NO understanding of Citizenship based taxation or its consequences to Australians.

  11. Senator

    Amanda the secretary I quickly told her regarding Super and house sale etc
    She assured m she would bring it to his attention.
    I also gave her our FATCA and Australia link via email

    Only received email verifying I sent an email

    Senator.Xenophon@aph.gov.au
    Xenophon, Nick (Senator)

    Thank you for your email.

    It’s always great to receive feedback from the community so I can best represent your needs in the Senate.

    If you are a SA resident, please ensure you have included your address and phone number in your email so we can contact you if I require further information.

    If your matter is urgent, please call my office on 8232 1144.

    I hope you understand that as I receive a large amount of emails, phone calls and letters, priority is given to constituents in SA. If you live outside of SA, you can search for your Federal Member or Senator at http://apps.aec.gov.au/esearch/.

    Thank you for taking the time to contact me.

    With best wishes,
    Nick

    Nick Xenophon | Independent Senator for South Australia
    Level 2/31 Ebenezer Place, Adelaide | TEL: 08 8232 1144 | F: 08 8232 3744 | http://www.nickxenophon.com.au

  15. ??? Easy stage 1
    Anyone’s as a valid permanent resident with total worth under 2847583.48 Australian Dollars exempt from US tax from now on and keeps citizenship.

  16. @JakDac

    “Anyone’s as a valid permanent resident with total worth under 2847583.48 Australian Dollars exempt from US tax from now on and keeps citizenship.”

    Is part of the new proposed treaty?
    Possible would be good to have new treaty link posted in main site?

  18. Still hits you between eyeballs when you read this from the Regulation Impact Statement

    Costs for US citizens

    3.117 The IGA does not alter existing US tax obligations and filing
    obligations for US citizens. However, the IGA increases the chance of
    detecting US citizens who have not complied with their US tax
    obligations in respect of income held in Australian accounts. This is
    consistent with the objective of FATCA, and is consistent with the terms
    of the Australia-US tax treaty which expressly recognises the US`s right
    to tax US citizens even if such individuals are also Australian tax
    residents.

    http://www.austlii.edu.au/au/legis/cth/bill_em/tlaotfab2014510/memo_0.html

  19. @Alby Perhaps 3.117 incorporates assumption and misconception that the Australia-US Tax Treaty prevents double taxation. After all so says ATO website.

  20. @JC
    Yes we all agree, needs exposing, which you have been very active and vocal.
    What is untenable is the AUS govt also accepts that AUS US person has to file US tax obligations and compliance, when no US tax preparer is easily available and the costs to file are in the thousands of dollars for business signatory account and to state that no tax may be payable.
    US exit tax on Aussie capital on renouncing
    Cost to renounce
    Capital gains tax
    Ridiculous, we go around circles.
    @ George in previous post highlighted all that quite accurately.
    All of this needs exposing in a parliamentary enquiry. Which if you recall our MP suggested.

  21. @All

    Just spoke with the ABC’s The Drum, Chip Rolley, born in the United States. He said that he was familiar with FATCA but questioned whether it would cause enough of a media stir…would the fact that America is chasing its tax dollars be of interest to the average viewer.

    This is not just about chasing a tax dollar, it is about human rights, discrimination, privacy violation, being treated as a second class Australian Citizen and America’s overreach. Perhaps it is time for each of us to email him at the address provided with all of our concerns and the affect on US Persons and their families that reside in Australia.

    rolley.chip@abc.net.au

  23. 02 8333 1500
    He now has 2 calls on his answer machine
    Everyone be great if he got 20 plus.
    If worried block caller I’D and introduce yourself as Mr Bush / Obama/ Trumph

  24. @JakDac

    Did you email some information to Chip Rolley?

    @All

    There is enough US Persons in Australia that if the ABC’s the DRUM did a segment on FATCA and the resulting human rights, discrimination, privacy violation, being treated as a second class Australian Citizen and America’s overreach the Government would possibly listen more.

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