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”

  2. And again

    I have referred your advisers read the WHOLE blog
    http://isaacbrocksociety.ca/fatca-and-australia/comment-page-14/#comment-6567028
    and relevant newspaper articles sent addressing expat concerns. I expected a response to concerns that SHOULD have been evident by the many queries AU/US duals have indicated in the Fatca and Australia blog. These do NOT seem to have been addressed.I ALREADY received a response thus wouldn’t it be evident that the response did not adequately address the issues presented by many expats and many newspaper articles I have forwarded to you and the treasury. Please have your advisers read the FULL blog and answer the MANY concerns addressed.
    Kim Beasley has also addressed this issue (read in blog)
    A major concern is that SUPER came in over TWENTY years ago thus is it not about time that the US 2006 Tax Treaty model (NINE years ago) is signed. Many of us AUSTRALIANS are asking that this be done NOW. We ARE also trying to address this with the US again this should be evident to your advisers IF they have read the whole blog.
    Please actively address this issue with the NEW government as this has been overlooked for TOO long. I await your reply

    Cheers,
    JD

  3. @Alby @LetterToAustralianParliament

    Solomon Yue has ‘one on one’ lobbying members of Congress as a central part of of Republicans Overseas strategy.

    http://isaacbrocksociety.ca/2015/07/14/finally-the-bopp-suit-has-arrived/comment-page-8/#comment-6569806

    He says a US Congressional study would be a tactic to bury the issue. I say In Australia, the issue is already buried and we need to dig it up. Plus there is not the political divide (Republicans/Democrats) where one party is politically opposed. A big huge roadblock here is the Mt Everest climb to get noticed and the inertia for change. Perhaps we may be better off (compared to last week) as the Australian FATCA IGA passage may be attributed to the former Coalition government rather than the current one.

    I have a draft letter. I’ll revise and post in a few days.

  4. Speaking of the new government – with new ministries (Including in Treasury etc) to be announced Monday – it may not be the best week to try and get noticed. Although could be a practice run for multiple attempts to get noticed.

  6. @All

    I find it interesting that the MPs we have talked to do not understand the implications of FATCA and CBT on Australians who are considered US persons and they are the ones who voted to allow FATCA and CBT in Australia.

    My question is has Treasury done its job correctly? Have they advised the government of all the issues? Has CBT been explained the government?

    Any comments

  8. Malcolm Turnbull, as part of his first (& short) speech as Prime Minister Elect : “This will be… a thoroughly Liberal government committed to freedom, the individual and the market.” This may lead to greater openness than otherwise to question decisions by the former ‘conservative’ government.

  9. @All

    Andrew Hastie who is the liberal member for canning in WA is married to Ruth is born in the US and have a newborn baby who is probably a US citizen.

    From the SMH
    Hastie, looking like a young US presidential candidate, delivered a superbly rehearsed speech, vehemently defending his record, speaking of his American-born wife Ruth and their newborn baby and adroitly contrasting his service to his country with somebody who had lived behind a desk “pushing paper”.

    http://www.smh.com.au/federal-politics/political-news/canning-byelection-candidate-andrew-hastie-holds-tony-abbotts-political-future-in-his-hands-20150908-gjhris.html

  11. Hastie moved into the district to run. Apparently, Libs had no one else? They had to import?

    I despise baby photos, war-mongers as young as this (or purport to be to court the old-gen).

    Every bit of it a sham.

    Bishop is a horrible person- wants to carry the “kill all uni except for us wealthy-ones” agenda…& was surprised she was met with resistance when she attempted to speak on-campus. All Libs need voted out. Soon!

    Labor ain’t perfect, but at least they “spread the wealth”. Libs? they give it to Adani & Reinhold. Oh, & court China so they can sell off AU to them.

  14. I’ve personally written letters to our “Canning MP”- many times over the past years.

    What I get in response is a reply which completely dismisses my actual experiences- in return for their “purported- “what ought to happen”.

    Meaning: if you’re not a money-grubbing narcissist who is hell-bent on acquiring more & more- then, you’re not the liberal party faithful. If you’re old & still Lib party- you’re stoic & happy to have next-to-nothing, which the MP’s enjoy much more.

    What a sick party libs are….to have people vote them in who get less when they support them…smh… 😛

  15. @All

    As Andrew Hastie is the member for canning we now have a MP in government who will be directly affected by FATCA and CBT through his American Born Wife and is child is possibly a US citizen.

    I wonder how aware of FATCA and CBT he and is family are and the problems they could face in the future with banking, loans, investments, super, etc.

    Any comments

  16. @Jane

    Jane says:
    I’ve personally written letters to our “Canning MP”- many times over the past years.

    What I get in response is a reply which completely dismisses my actual experiences- in return for their “purported- “what ought to happen”.

    Hopefully if you write the new canning MP Andrew Hastie his US connection through his wife and child will make the government take these problems seriously.

  22. @Australian Brockers…..now that we know the number of accounts handed over down under….

    How many so called USC are in OZ?

    Did they nab all or a small subset?

  23. @Calgary…….we need to dissect that Australian turn over and look at it like a junior staff member on capital hill in Washington.

    30,000 accounts and $5 billion dollars.

    Per wikipedia, we know “At the 2006 Australian Census, 71,718 Australian residents declared that they were American-born. ”

    So less than half got ratted out. Uncle Sam will not like that and will demand deeper more intensive scrutiny.

    Per the IRS, we know that roughly 11,000 tax returns were received from OZ.

    http://www.irs.gov/uac/SOI-Tax-Stats-Individual-Foreign-Earned-Income-Foreign-Tax-Credit

    From the above article, the MEANINGLESS average account size $166,000.

    The sheep are going to be slaughtered.

  24. @George could be Australian born US persons, and it has been a few years so perhaps 75,000 may be the number. Then there is the multiplier effect of Australian only family members, do you have a number for this. Perhaps 2x? Or, 3x?

    Updated yesterday:
    https://www.ato.gov.au/Media-centre/Media-releases/A-major-step-in-global-transparency/

    If this does not show enter following into Google: ATO hands over bank details to US Internal Revenue Service
    http://www.theaustralian.com.au/business/economics/ato-hands-over-bank-details-to-us-internal-revenue-service/story-e6frg926-1227541101398

    Ben Butler is the Columnist on that one. I am not finding him on Twitter.

  25. @JC, when you read that ATO press release what do you think?

    You think 30,000 US Citizens living in New York, California, New Jersey, Ohio…….have hidden five billion dollars in Australia.

    Tens of thousands of Australian Citizens resident in their home country are going to be massacred.

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