FATCA and Australia – Part 1 of 2

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

1. @Jak Dac I believe mostly imposed by the compliance industry when they get involved. However if Streamlined involved then the IRS may have requested.

2. Interesting but any advertising at least gets the word out . I am sending queries to MANY people Senate Finance Committee members / media / politicians here and there I have and will again keep on telling superannuation funds they MUST advertise to American clients the negative effects of Super on them.

   I query their legal position if Americans took out a mass law suit to cover any taxes to pay

   http://www.mondaq.com/unitedstates/x/518610/property+taxes/The+Super+Reason+Australians+Are+Renouncing+Their+US+Citizenship

   http://www.superannuation.asn.au/policy/contact-form

   Person I was advised to contact at QSuper

   James.Cheetham@qsuper.qld.gov.au

   I query their legal position if Americans took out a mass law suit to cover any taxes to pay
   ______________________________________________________

   From ASFA | Director – Research and Resource Centre

   Unfortunately the only action possible to remedy the potential problems lies with the US authorities.

   Do you have details of any actual case where US tax authorities have imposed a tax liability related to investment earnings within an Australian superannuation fund?

   Feel free to comment here and there

   http://www.superannuation.asn.au/policy/contact-form

3. Thank you for taking the time to write.

   Unfortunately, Judicial Watch is unable to help you in this matter. Taxation is a specialized field for accountants and lawyers. We do not practice that type of law. However there are organizations that do. You may want to try Americans for Tax Reform http://www.atr.org/ or google organizations against taxation.

4. Australia’s worst postcodes for billions in ‘lost super’ revealed

   http://www.theage.com.au/business/australias-worst-postcodes-for-billions-in-lost-super-revealed-20160817-gquimw.html

   So is the IRS trying to get its dirty fingers on some of the billions of dollars of lost Super?

5. https://www.votefromabroad.org/vote/VoterInformation.htm

6. https://twitter.com/DemsAbroad/status/701507138548535300

   https://twitter.com/DemsAbroad/status/701516215701913600

7. Will Apple’s ‘I’ll Pay Tax If Its Fair’ Excuse Help You With IRS?
   http://www.forbes.com/sites/robertwood/2016/08/19/will-apples-ill-pay-tax-if-its-fair-excuse-help-you-with-irs/#12c4532260bd

8. I think I have uncovered the reason for Roy Berg’s visit to Australia this week.

   He will be speaking at the national Superannuation conference in Melbourne (25,26 August, put on by the Tax Institute) on U.S. tax issues affecting Super fund members. That might enlighten major participants in the super industry as to US double taxation. No doubt it will be spun U.S. citizens living in Australia, and glossed over accidentals or those who have lived in Australia all their lives, and accidentals.

   http://www.taxinstitute.com.au/professional-development/key-events/national-superannuation-conference/2016-national-superannuation-conference
   http://www.taxinstitute.com.au/files/dmfile/0389NAT_Super_2016_BRO_WD3.pdf

   Noted twitter address: @TaxInstituteOz

9. @JC,

   see my comment on the superannuation thread http://isaacbrocksociety.ca/2016/05/15/australia-dealing-with-superannuation/comment-page-2/#comment-7648081 about MoodyGartners latest paper on superannuation. I believe this is what he will be presenting at the conference.

10. Let’s Fix the Australia/US Tax Treaty!

    Announcing the launch of our new website http://fixthetaxtreaty.org/

    The purpose of the new website is twofold:

    First, to encourage affected Australians to write to their elected representatives to lobby for change in Australian the Australia/US Tax Treaty and the FATCA IGA – both of which are Australian agreements that disadvantage a sub-class of Australians, those with US indicia. Our Australian government must put pressure on the US to come to the table and re-negotiate the Tax Treaty.

    Second, to serve as an educational resource for both the affected dual citizens trying to understand how the Tax Treaty affects them AND for our elected representatives to document the problems caused by Australia’s capitulation to one-sided US demands.

    So, please come visit our site. Send the link to your friends. Leave some comments, ideas and/or suggestions.

    Together we can Fix the Australia/US Tax Treaty!

11. @Karen, @JC, @JakDac and others working hard in Australia,

    Looking very good! Hope you get lots of interest in getting the injustice of the Australia/US Tax Treaty fixed.

12. Congrats @Karen and all. Will follow http://fixthetaxtreaty.org/ with interest. Some great arguments and letters have been developed by you all – thank for sharing them here. We all benefit from each other’s collective, and individual efforts. And perhaps pointing out that there is no rhyme or reason for some retirement plans (ex. RRSPs) to get better treatment than others like the Super may help. Don’t let Australia pretend that you are “Americans abiding in Australia” the way our government has pretended that Canadian citizens and residents with US status should look to the US for relief. And re the treaty – it takes two to tango. It isn’t called the Americans in Australia treaty.

13. Australians;
    I didn’t realize until today that Prof. Arthur Cockfield is also ;
    “… a senior research fellow at Monash University in Melbourne, Australia”……
    http://arthurcockfield.com/biography/

    Perhaps he might be interested in speaking with Australians about the issues of US extraterritorial taxation/confiscation of Australian Superannuation and FATCA, or FATCA in Australia, etc.

    See his papers;
    Cockfield, Arthur J., FATCA and the Erosion of Canadian Taxpayer Privacy (April 1, 2014). Report to the Office of the Privacy Commissioner of Canada, April 2014. Available at SSRN: http://ssrn.com/abstract=2433198

    Christians, Allison and Cockfield, Arthur J., Submission to Finance Department on Implementation of FATCA in Canada (March 10, 2014). Available at SSRN: http://ssrn.com/abstract=2407264 or http://dx.doi.org/10.2139/ssrn.2407264

    Cockfield, Arthur J., Protecting Taxpayer Privacy Rights Under Enhanced Cross-Border Tax Information Exchange: Toward a Multilateral Taxpayer Bill of Rights (2010). University of British Columbia Law Review, Vol. 42, pp. 420-471, 2010. Available at SSRN: http://ssrn.com/abstract=1705551

14. Badger – thanks for those links. And thanks for leaving a copy on fixthetaxtreaty.org as well!

15. Any ideas EmBee

    OK who is good at lyrics and song writing
    Like · Reply · September 4 at 10:47pm
    Tricia Moon
    Tricia Moon Ask EmBee at Brock. She’s the best!

    https://www.facebook.com/groups/FixTheTaxTreaty/

    http://fixthetaxtreaty.org/2016/08/28/we-are-australian/

16. Recently, Prime Minister Turnbull said that it is our sovereign right to determine who invests in Australia.

    Similarly, it is our sovereign right to solely determine domestic tax laws:

    https://twitter.com/JCDoubleTaxed/status/772936308402507777

17. Re-posted from Facebook:

    Nothing ventured, nothing gained. We should e-mail and tweet the four moderators for the upcoming US Presidential Debates and US Vice-Presidential Debate regarding FATCA and Citizenship Based Taxation.
    26 September Debate
    Lester Holt: lester.holt@nbcuni.com / @LesterHoltNBC
    9 October Debate
    Anderson Cooper: anderson.cooper@turner.com / @andersoncooper
    Martha Radditz: martha.raddatz@abc.com / @MarthaRaddatz
    19 October Debate
    Chris Wallace: chris.wallace@foxnews.com / @FoxNewsSunday
    Vice-Presidential Debate: 4 October
    Elaine Quijano: elaine.quijano@cbs.com / @elaine_quijano

    http://www.nytimes.com/2016/09/03/business/presidential-debate-moderators-lester-holt-chris-wallace.html?_r=1

18. Maybe thank him

    https://www.facebook.com/Repmarkmeadows/

    Mark Meadows
    ·
    Our tax laws should never violate a U.S. citizen’s right to privacy–the Fourth Amendment is not negotiable.
    Today I introduced a bill–H.R. 5935–that will repeal America’s global tax law which violates Fourth Amendment privacy issues and places unnecessary burdens on taxpayers. You can read more about the bill at the link below.
    https://meadows.house.gov/…/…/rep-meadows-introduces-hr-5935
    RELEASE: Rep. Meadows introduces H.R. 5935
    Washington, D.C. – On Wednesday, Rep. Mark Meadows (R-NC) introduced H.R. 5935—a bill that would repeal America’s global tax law which violates Fourth Amendment privacy right. H.R. 5935 will repeal provisions of the Foreign Account Tax Compliance Act (FATCA), included as part of the 2010 HIRE Act, t…
    MEADOWS.HOUSE.GOV

19. Re
    From ASFA | Director – Research and Resource Centre

    Unfortunately the only action possible to remedy the potential problems lies with the US authorities.

    Do you have details of any actual case where US tax authorities have imposed a tax liability related to investment earnings within an Australian superannuation fund?

    Feel free to comment

    Ross has asked this question if you have some information on this query

    Rclare@superannuation.asn.au

20. I we get our politicians to work for us maybe they can contact Rand Paul https://www.facebook.com/RandPaul

    As per his offices correspondence to me

    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

21. ACA has written to the Democratic and Republican Presidential Candidates asking for their opinions on issues affecting Americans living and working overseas.

    https://www.americansabroad.org/files/458/
    https://www.americansabroad.org/files/459/

22. Paul Rand’s Office

    ACA has written to the Democratic and Republican Presidential Candidates asking for their opinions on issues affecting Americans living and working overseas.

    https://www.americansabroad.org/files/458/
    https://www.americansabroad.org/files/459/
    Please check PDFs cited within documents also

    I sent this info to our LAs who handle tax & foreign affairs as well. Appreciate you sending them along.

    Legislative Assistant
    Office of Senator Rand Paul

23. New post on Superannuation and Social Security http://fixthetaxtreaty.org/2016/09/10/is-super-equiv-to-social-security/

24. Australia is on to it

    http://www.smh.com.au/national/us-citizens-renouncing-because-of-tax-laws-affecting-australian-superannuation-20160910-grdb0a.html

25. us-citizens-renouncing-because-of-tax-laws-affecting-australian-superannuation

    It may be worth emailing taxtreatiesunit_consultation@treasury.gov.au
    with your point of view

    look at

    http://fixthetaxtreaty.org/

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