FATCA and Australia – Part 1 of 2

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

1. VIDEO irs-policy-hides-identity-theft

   http://www.wthr.com/story/30389540/secret-irs-policy-hides-identity-theft-from-victims-illegal-immigration

2. I have not yet received any letter from the Australian banks that I have bank accounts with asking about place of birth or FATCA. I recently open an online Australian credit union account after I went through their website looking for anything about FATCA or place of birth. There was nothing on either. So it was easy to open an online account with them without lying about place of birth. I do have a CBA account that I have had for years and as of yet they have not sent me a letter asking about where I was born. If the banks ask me about my accent I can always tell them that I had lived in Canada as a kid (which is true).

3. @all

   I have never been asked from my bank as yet. I grew up in AUS and have AUS accident.

   I have heard CBA is sending letters to everyone about tax residency – could be OECD model as well as FATCA ?

4. ANZ asks when you open your account if you are a US Citizen.

5. No letters, yet I have heard of new account procedures asking if one is a US citizen.

6. Commenwealth Bank asks when you open your account if you are a US Citizen

7. I started my accts. in 2007/08, nothing going on then…haven’t been asked yet.

8. Editorial Assistant for our national broadsheet @australian:

   Hoping to chat with any American/Australian dual nationals who are affected by the FATCA IRS Law. Please retweet! #FATCA #ozbiz #taxes

   https://twitter.com/em_barrassment/status/668294568278790145

9. @JC — I am thrilled to hear about this development.

10. Limbaugh on ‘Exit Tax’: The People Exist For The Government

11. This is “going to happen”, Rush Limbaugh? It already is!

    I don’t see how he wouldn’t apply what he has to say to American non-residents – that’s if he doesn’t draw the line at the US border, distinguishing the good ‘ol USA from the Soviet Union and Nazi Germany.

12. Re: Interest from Editorial Assistant @ The Australian.

    Tying on the Journalist hat, I am thinking of the angle and tile of an article in The Australian. Many articles just focus on the injustices without questioning those behind the policies. There has not been many articles in Australia. There are lots of angles and generally any publicity would be appreciated.

    Here is my thought Monday avro:

    Gov Participant in US Tax Bullying of Australians

    I thought “Bystander” yet these are reasons for “Participant”
    * Signed tax treaty with no additional protections for Australian Residents.
    * In ATO website pretends that the Australian-US tax treaty is all good preventing double taxation with no footnote. By the ATO guidelines its website information is to be accurate and not misleading.
    * No protection of Australian Super Accounts with money earned in Australia for Australian residents – thus letting the US upend Australian government policy on Australian soil for Australian citizens and residents (aka accepting “interference into the internal affairs of Australia” by the US.) Only one example amongst a myriad of possibilities.
    * Someone in the government must know about it all, but choose not to do anything.

13. Also US Tax Bullying, being a “Participant” in such bullying and not just a “Bystander.”

    Signed FATCA IGA without protest with change of Australian privacy law to make it slip around Australian privacy legislation, and also without test of Australian law in regards to discrimination – singling out and reporting US person financial records.

14. Re: Privacy Legislation – impacts not only US persons, but Australian only family members with whom they share joint accounts.

    Also, the US tax and compliance requirements, under Australian law (tax treaty) degrades the Australian family financial security with excessive regulation, excessive compliance cost (time and money), and double taxation. This impacts Australian only family members.

15. @JC – have you sent her your ideas?

16. Haven’t sent ideas. I am just seeing if someone or even I come up with anything better. I’ll send later.

17. @JC – whatever she comes up with — and hopefully it gets published — there can be follow ups to her article via “Letters to the Editor” or online comments that we can all participate in. Probably best not to send too much at this point.

18. As posted above. This is progressing. They wish to speak with Australian resident(s) who are willing to give their name.

    Editorial Assistant for our national broadsheet @australian:

    Hoping to chat with any American/Australian dual nationals who are affected by the FATCA IRS Law. Please retweet! #FATCA #ozbiz #taxes

    https://twitter.com/em_barrassment/status/668294568278790145

19. Re Nightline Program
    Martz, Geoff
    We’ve done one shoot.

20. We should all follow this

    http://rachelheller.org/renunciation-day/

    being filmed by Nightline

21. Hi everyone, Emily here from The Australian newspaper.

    Thanks so much to everyone who has been in contact and given me so much helpful information – I was appalled to find out how these laws are potentially going to affect dual nationals and what has already been occurring in Canada/Europe.

    I have been attempting to get quotes from the ATO and have written a few drafts with the information I have but I keep getting knocked back because of the lack of a ‘news hook’ or personal angle. So I really need either a new development or a dual national who is willing to speak to me and use their name. I understand completely and acknowledge the validity of your fears, but if I am to have any chance of getting a story about your plight out there I will need someone to put their name to their story. The Australian is committed to raising this issue, giving the story publicity and campaigning with you if anything further is to occur. But yes, essentially I need names.

    Please contact me (emily.ritchie@news.com.au) if you are willing to chat to me and put your name to it.

    Thanks so much and best wishes for the holiday season.

    Emily

22. Hi Emily, good to hear from you! The Australian contingent (I’m in Canada) has been working very hard on getting this issue out there. Many of us can’t believe how a development of such magnitude hasn’t generated more media response – as though there are forces at play that wish to stifle it. To the extent that might be true, it would be interesting to hear for our own purposes how other factors, such as a lack of “news hook” as you mention, has to do with the little visibility FATCA has generated around the world. Is it because it’s perceived to be about tax, it’s not ‘sexy’ enough – or thought to affect only Americans that it’s not ‘their’ problem (anti-Americanism may contribute to this)? As with Australia, our Canadian leaders felt it could inoculate itself from controversy by claiming FATCA only affects “Americans residing in Canada” (who “should be paying their US taxes anyway”), completely disregarding the fact that virtually all those affected are Canadian citizens and permanent residents with the same rights and protections as any other Canadian and PR. As result, our new federal government has found itself in court having to decide whether to continue defending the previous government’s choice to sign the IGA, or to repeal/amend the IGA to protect Canadians and it’s PR’s.

    As Canada has the second highest concentration of people targeted by FATCA within our borders, any suggestions as to how we can increase media attention in Canada would be greatly appreciated.

23. While a chance to see a story in the Australian is appreciated, it shouldn’t take a “sacrificial lamb” in order that this story is told. This gets more ridiculous every day.

    The inequalities/illegalities of the tax issue for dual citizens can be told via many links at issacbrock, the current court battle in Canada, as well as the current FACT that US/AU citizens are being denied banking/loans and some are having their accounts closed due to FATCA. The ANZ now asks if you’re a US citizen when opening an account! Now, why do you imagine that is, hmm?

    https://www.bogleheads.org/forum/viewtopic.php?t=165807

    The question I had was why the AU gov’t threw us, their citizens, under the bus? Supposedly, the IGA is something that must be spear-headed by the US Congress– something that didn’t occur. The US Treasury does NOT have the right to enter into this sort of agreement- AT ALL.

    http://www.washingtontimes.com/news/2015/jun/24/sen-rand-paul-sue-irs-us-treasury/?page=all

    That’s only my opinion and I suppose you might get people to come forward who already renounced & are in possession of their CLN. The rest are either non-compliant and trying to figure out what to do or are still awaiting their CLN and do not want to rock the boat. I’d say the REAL story here is “why” no one is reporting this, considering the above?

24. @ Emily,

    Thank you very much for your interest in interviewing people for an article in The Australian. Best wishes on this (of course 🙂 ) and for the holiday season too. I’ve posted your comment on our Media thread as well.

25. Interesting

    Started a conversation with an English businessman who I believe lives in Hong Kong

    I started to ask him if he knew re US expat tax he quickly jumped in and said he has many companies and had to FIRE ? let go his Americans because of this. He believes this will NOT be sorted

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