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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”

  3. I am also seeing federal rep next week

    A quick dot point document would be helpful related to OZ problems / Super / house sale etc

    If more of us schedule appointments AND inform the media we may at least get officially recognized

  4. March 29, 2016, Forbes: “Taxpayer Advocate Holding Public Forums Seeking Taxpayer Comment On IRS Future Plans”

    Kelly Phillips Erb
    FORBES STAFF

    National Taxpayer Advocate Nina E. Olson and Rep. Mark Meadows, chairman of the House Oversight and Government Reform Subcommittee on Government Operations, have announced the next in a series of public forums designed to allow taxpayers to voice what they want and need from the IRS in order to comply with their tax obligations. The next public forum will be held on Monday, April 4, at 5:30 pm at the Henderson County King Street Meeting Room in Hendersonville, North Carolina. Members of the public and the media are invited to attend.

  5. @JakDac. Thanks for scheduling a meeting with your MP.

    Potential point:

    Injustice of Australian Government allowing double taxation of Australian residents while at the same time pretending that the tax treaty prevents double taxation; also not delving into the $ impact on Australians of this forcing a 2nd class of Australian. The FATCA impact statement was the latest opportunity to do so. Parliament was not provided a full picture of the impacts of US Extraterritorial taxation and its FATCA enforcement arm. The Australian Government should be truthful and clear such as on the ATO website which pretends that all tax treaties prevent double taxation. Why doesn’t it say that Superannuation is taxable for Australian residents under the tax treaty as an unqualified pension fund under US tax law?

  6. Note, this is not an endorsement.

    This looks very useful to those in Australia, but also contains information about other countries. It also mentions
    What is also interesting about this information is that it was obtained via FOIA from the IRS, and also contains info about ‘foreign’ workplace employee retirement plans and how to treat them re FBAR, and OVDI/P:

    Look also in each document retrieved via FOIA:

    http://www.taxproblemattorneyblog.com/2016/03/even-irs-confused-australian-superannuation-accounts.html
    March 31, 2016
    ‘Even the IRS is Confused About Australian Superannuation Accounts’
    by Dennis N. Brager

  8. Thanks for that, Badger. On the income tax side, it supports my opinion on how standard employee superannuation should be treated — but their understanding of the superannuation system is, of course, simplistic. Anyone with a Self Managed Super Fund (SMSF) or anyone making extra contributions could run into problems. If you consult with a financial planner in Australia, the first thing they will suggest is extra contributions and an SMSF if your balance is high.

    As for FBAR – nice to know that even the experts don’t know what to do. That will be comforting for those who did not include their super account in their FBAR filings.

  10. Good luck Karen and JakDac. If the IRS is inconsistent (and secretive) about how it treats Australian funds, how could the Australian government possibly be sheltering them properly against siphoning off by the US, and mistreatment and double taxation of Australians?

  11. @Karen My US Tax person said put as little into Super as possible and get it out as soon as possible (that means incurr the Australian 10% penalty). All 100% the opposite of any Australian financial planner.

  12. Thank you for taking the time to meet with me in my office and go over the details of the US-Australia Tax Treaty.

    As discussed, I’ve forwarded the information you’ve provided me on to Senator Joanna Lindgren. I’ve asked her to carefully consider the issues you’ve raised and to get in contact with you at her earliest convenience to further discuss.

    If you’d like to follow up with Senator Lindgren, she can be contacted on 3422 1990 or at senator.lindgren@aph.gov.au.

    Many thanks for keeping me up to date on this. I also very much appreciate your well wishes and support, it means a lot to me.

    If there’s anything further I can do for you in future please don’t hesitate to contact me.

    Yours sincerely
    Ross

  13. Hopefully a fighter for what is right and injustices of the “system”

    Lindgren is an Aboriginal Australian with Jagera and Mununjali ancestry. Her granduncle, Neville Bonner, was also a senator for Queensland, and was the first Indigenous Australian in the Australian Parliament.[5] Lindgren’s husband, Peter Anderson-Barr, is a policeman, and was briefly an LNP candidate for the seat of Logan at the 2012 state election, but withdrew before the close of nominations.[10]
    https://en.wikipedia.org/wiki/Joanna_Lindgren

  14. Other people ARE getting the emails

    I am away at a conference for Discover New England in the United States with limited access to my email. I will be responding as time and access allow.

    Sincerely,

    Karen

    Deputy Senior Commercial Officer
    U.S. Consulate Sydney

    Niels Marquardt AMCHAM Australia ex ambassador (REALLY on our side)

    Thanks for your message. I am on business travel in Japan and China until Monday, April 18. I will try to respond before then but I may be delayed.

  22. @JacDac

    Wonderful!

    About the only other thing I can think to add is the costs required to comply with the US bullying? In my mind, those huge costs will be passed along to ALL Australians…I’m sure that if that got out, everyone would be in an uproar.

  23. @JacDac, that letter is fantastic. Well done!

    I have been inspired to write my own letter to my MP. I have already written letters to the Treasurer and the assistant treasury MPs. I got a letter back saying “we are aware of the problem”, but that was about it.

    I highly doubt a letter to my MP would get anywhere near the same acknowledgement (if any) that JacDac got with his letter. Lucky me – my MP is our former PM – yes, the one that was replaced by our current one (without naming names). I’m not sure how responsive he is these days, now that he doesn’t have the main gig. I wish I had a different MP. I was thinking about dealing directly with Malcolm! What do you reckon?

  24. Anyone else ?

    Please fill out the form below to get in touch. Thank you for taking the time to contact me.

    YOUR NAME*

    Jak Dac
    YOUR E-MAIL*

    SUBJECT

    Get onto it Tony
    YOUR MESSAGE*

    http://isaacbrocksociety.ca/fatca-and-australia/comment-page-30/#comment-7446818

    Sleepless in Sydney commented on FATCA and Australia.

    in response to Petros:

    Posts on The Isaac Brock Society website concerning FATCA and Australia 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 […]

    @JacDac, that letter is fantastic. Well done!

    I have been inspired to write my own letter to my MP. I have already written letters to the Treasurer and the assistant treasury MPs. I got a letter back saying “we are aware of the problem”, but that was about it.

    I highly doubt a letter to my MP would get anywhere near the same acknowledgement (if any) that JacDac got with his letter. Lucky me – my MP is our former PM – yes, the one that was replaced by our current one (without naming names). I’m not sure how responsive he is these days, now that he doesn’t have the main gig. I wish I had a different MP. I was thinking about dealing directly with Malcolm! What do you reckon?
    Submit

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