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
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
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
July 2017
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
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
JakDac:
Interesting read that clip from DA. What I see is still a disbelief that birth lottery losers outside of the USA are indeed being discriminated against by their local banks. If we wait for anything to happen on the Democrat front, we’ll all be long dead and completely broke. Let’s hope the Republicans have some real substance to add.
Emails to send your comments to regarding Australian/US tax Treaty
I have touched base with some of these people and believe they want to help but they need to state the “masses are asking”
Australian Tax Treaty emails
Greg.Wood@treasury.gov.au,lyn.redman@treasury.gov.au, henry.addison@treasury.gov.au, taxtreatiesunit_consultation@treasury.gov.au
Australian treasury treasurerdlo@treasury.gov.au,josh.frydenberg.mp@aph.gov.au,SBMinister@treasury.gov.au, J.Hockey.MP@aph.gov.au, kelly.odwyer.mp@aph.gov.au
Australian AMCHAM CEO NielsMarquardt@amcham.com.au
US head re Tax Treaties Henry.Louie@treasury.gov
US Embassy Canberra MurrayMD@state.gov
Australian ambassador in US Kim.Beazley@dfat.gov.au
AND any media programme you watch or paper you read (Google)
Thus as a mass BCC
Greg.Wood@treasury.gov.au,lyn.redman@treasury.gov.au,henry.addison@treasury.gov.au,taxtreatiesunit_consultation@treasury.gov.au,treasurerdlo@treasury.gov.au,josh.frydenberg.mp@aph.gov.au,SBMinister@treasury.gov.au, J.Hockey.MP@aph.gov.au,kelly.odwyer.mp@aph.gov.au,NielsMarquardt@amcham.com.au,Henry.Louie@treasury.gov,Kim.Beazley@dfat.gov.au,MurrayMD@state.gov
UNTIL eight years ago, Queensland’s alternative premier, John-Paul Langbroek, was an American citizen.
http://www.couriermail.com.au/news/john-paul-had-life-changes/story-e6frerdf-1225710517715
You may want to ask him to join us here and mention the situation to Joe and Tony I did
his email
surfers.paradise@parliament.qld.gov.au
http://www.mwcllc.com/updates/articles/2015/6/tax-policy-update-june-2-2015.aspx
Senate Tax Reform Working Groups: Recommendations Likely Delayed Until Late June.
Before the Memorial Day recess, Senate Finance Committee Chairman Hatch and Ranking Member Wyden announced they would extend the deadline for their committee’s five tax reform working groups to develop recommendations for the full committee. While we await confirmation of a new deadline, which we hear will likely be in late June, we will continue to spotlight comments submitted to the working groups. This week: the National Association of Publicly Traded Partnerships.
Members of the Senate Finance Committee’s Community Development and Infrastructure Tax Working Group
Republicans
Co-Chair Dean Heller, NV
Dan Coats, IN
Tim Scott, SC Democrats
Co-Chair Michael Bennet, CO
Maria Cantwell, WA
Bill Nelson, FL
– See more at: http://www.mwcllc.com/updates/articles/2015/6/tax-policy-update-june-2-2015.aspx#sthash.v5B3vdRu.dpuf
Voting Absentee is easy using FVAP’s online assistants. Be absent but accounted for.
http://www.fvap.gov/
7,500,000 ExPats
In regard to
New survey finds US expat voting could impact 2016 Presidential Election – See more at: http://globenewswire.com/news-release/2015/05/26/739115/10135930/en/New-survey-finds-US-expat-voting-could-impact-2016-Presidential-Election.html#sthash.sPw9yVYL.dpuf
Voting Absentee is easy using FVAP’s online assistants. Be absent but accounted for.
http://www.fvap.gov/
7,500,000 ExPats
http://www.fvap.gov/citizen-voter
In regard to
New survey finds US expat voting could impact 2016 Presidential Election – See more at: http://globenewswire.com/news-release/2015/05/26/739115/10135930/en/New-survey-finds-US-expat-voting-could-impact-2016-Presidential-Election.html#sthash.sPw9yVYL.dpuf
Thank you for contacting my office regarding the Foreign Account Tax Compliance Act (FATCA). It is good to hear from you.
As you know, Congress enacted FATCA in 2010 as part of the Hiring Incentives to Restore Employment (HIRE) Act in an effort to prevent taxpayers from hiding assets in undisclosed foreign accounts. The bill requires Foreign Financial Institutions (FFIs)—such as banks, trusts, stock brokerages, or insurance companies—to report certain information regarding the accounts of U.S. citizens living abroad, to the IRS. FATCA subjects any FFI that does not report accounts of U.S. persons to the IRS (or to the government of the FFI’s country for transmission to the IRS through Intergovernmental Agreements) to a 3% withholding tax on all U.S. investments. FATCA also requires U.S. citizens with foreign assets of over $50,000 to report on these assets annually in a separate tax form.
This legislation has imposed serious burdens for Americans working or living abroad. Since many FFIs seek to avoid these onerous reporting requirements, FFIs are now closing accounts of U.S. citizens and denying services to U.S. citizens who simply want to open a bank account. Therefore, I share your concern about the unfortunate side-effects of this bill.
In addition to these unfortunate side-effects, lawsuits have claimed that (1) FATCA forces the Treasury Department to violate its Treaty Power because the Intergovernmental Agreements were never sent to the Senate for advice and consent pursuant to the Treaty Clause of the U.S. Constitution, and (2) that FATCA is unconstitutional under the eighth and fourth amendments (as an excessive fine, and a search and seizure). Whether the law survives a constitutional challenge remains to be seen.
As a member of the International Tax Working Group in the Senate Finance Committee, I will be certain to keep your opposition to FATCA in mind as we proceed with reforming our tax code, as I believe we must. In updating a tax code that hasn’t been comprehensively reformed since 1986, it is always helpful to hear from constituents what works, and what doesn’t, so I appreciate your input.
Thank you again for taking the time to contact my office. I am honored to represent you and great state of Ohio, and I appreciate your input on this important issue. For more information on my recent work in the Senate, you may visit my website at http://www.portman.senate.gov.
Sincerely,
Rob Portman
U.S. Senator
@Jakdac
“Unfortunate” side effects? Try “devastating”. The minute I read that adjective, I knew it doesn’t matter much to him. They think this is not grave. It is just….simply….”unfortunate” ( but something that needs to be done anyway….?)
‘IRS chases US citizens in Australia’
07/04/2015
“The Internal Revenue Service (IRS) is scrutinising the tax affairs of United States citizens living in Australia with renewed intensity, as the worldwide battle to shore up dwindling government tax reserves heats up, according to local accountants, reports the Australian Financial Review….”….
link is here
http://ifcreview.com/viewnews.aspx?articleId=9199
un·for·tu·nate
ˌənˈfôrCH(ə)nət/
adjective
1.
having or marked by bad fortune; unlucky.
“the unfortunate Cunningham was fired”
synonyms: unlucky, hapless, jinxed, out of luck, luckless, wretched, miserable, forlorn, poor, pitiful; informaldown on one’s luck
“unfortunate people”
noun
1.
a person who suffers bad fortune.
@Jakdac
Unfortunate is too mild. Its in the connotation here.
Unfortunate is a sprained ankle. But we are talking people who are hemorrhaging here.
Remember amateurs built the ark. Professionals built the Titanic
@Jakdac
Help is needed from wherever it comes. 🙂
June 26
The Senate Finance Committee chairman, Senator Orrin Hatch (R-UT), has established working groups to study different aspects of the tax system. These working groups are scheduled to report back to the committee by June 26.
http://blogs.rollcall.com/topic-a-tax-finance/tax-reform-moves-to-back-burner-but-debate-remains-active/
The international tax working group may offer the only glimmer of hope, with reports that it has made the most progress in hammering out detailed recommendations. The working groups are now aiming to deliver their reports before Congress departs for the July 4th recess. – See more at: http://www.mwcllc.com/updates/articles/2015/6/tax-policy-update-june-9-2015.aspx#sthash.AYakoPos.dpuf
http://www.mwcllc.com/updates/articles/2015/6/tax-policy-update-june-9-2015.aspx
repatriation tax holiday is still possible
http://mcgladrey.com/content/mcgladrey/en_US/our-insights/newsletters/tax-digest/tax-digest-june-2015/tax-digest-international-june-2015.html
https://en.wikipedia.org/wiki/Repatriation_tax_holiday
FYI
U.S. Tax Treaties
http://www.unclefed.com/ForTaxProfs/Treaties/
America’s Stalled Tax Treaties
http://www.treatypro.com/features/Americas_Stalled_Tax_Treaties__571919.html
WOW facebook and twitter
Hopefully senate is watching
Record Number of Americans Renounced Their U.S. Citizenship in 2015
http://www.cnsnews.com/news/article/gabrielle-cintorino/record-number-americans-renounced-their-us-citizenship-2015
Email and ask Rand Paul to change the treaty NOW
Carolyn_Moffa@paul.senate.gov Office of Senator Rand Paul
Thank you for your correspondence to Senator Paul’s office regarding the US-Australia Tax Treaty and the affect it will have on Americans Abroad. Rest assured, as tax treaties are considered in United States Senate, we will be sure to keep your views in mind.
Sincerely,
Carolyn
—
Carolyn Moffa
Legislative Aide
Office of Senator Rand Pau
Fingers crossed
June 22 2015
Legislative Activity
Senate Finance Committee Working Groups to Submit Tax Reform Proposals
After having been provided additional time to finalize their proposals for consideration by the full Committee, the Senate Finance Committee Tax Reform Working Groups are due to submit their proposals by this Friday, June 26. The Working Group that appears to have made the most progress is the International Tax Working Group. Senator Rob Portman (R-OH), the Working Group’s Co-Chair, has indicated that his group’s proposal will include: (1) an “innovation box”; a “hybrid territorial system”; and a repatriation tax on companies’ overseas profits. According to Senator Portman, the recommendations will be “options,” not legislation.
http://www.lexology.com/library/detail.aspx?g=36713baa-d5a6-4bf0-bb9d-f5e5e3742e9d
“more hopeful than [he’s] ever been [that Congress] can get something done on the international side
Relatedly, as tax-writers continue to debate the best way to reform the U.S. Tax Code, it is becoming clearer by the day that the best opportunity of any significant reform will be achieved by overhauling international tax rules. According to House Ways and Means Committee Chairman Paul Ryan (R-WI), lawmakers may be able to “take a couple of steps in the right direction, particularly with international tax laws and international tax rules.” Moreover, senior House Ways and Means Committee member and Subcommittee on Human Resources Chairman Charles Boustany (R-LA) – who is presently drafting an international tax reform proposal – recently suggested that comprehensive tax reform is most achievable through a two-phase approach: international tax reform now, with more comprehensive reforms to corporate and individual tax provisions to be addressed later.
On the Senate side, Chairman Hatch has set a new deadline of June 26 for the Tax Reform Working Groups to submit their tax reform proposals to the full Committee for consideration. According to Senator Chuck Schumer (D-NY), who co-chairs the group with Senator Rob Portman (R-OH), the International Tax Working Group is “making good progress,” causing him to be “more hopeful than [he’s] ever been [that Congress] can get something done on the international side.”
http://www.natlawreview.com/article/beps-and-international-tax-reform-highway-funding-focus-tax-writers
After having been provided additional time to finalize their proposals for consideration by the full Committee, the Senate Finance Committee Tax Reform Working Groups are due to submit their proposals by this Friday, June 26. The Working Group that appears to have made the most progress is the International Tax Working Group. Senator Rob Portman (R-OH), the Working Group’s Co-Chair, has indicated that his group’s proposal will include: (1) an “innovation box”; a “hybrid territorial system”