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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”

  5. Re: skirting the paywall of above. Enter this into a browser: Global reporting rules threaten to impose huge penalties on our banks

  9. Unfortunately every single sentence in the Bloomberg piece is explicitly attributed to the FT – thus making it clear that Bloomberg is only reporting it as a “What the papers say” item.

  12. I have my CLN, but worry my kids now. I don ‘t put it past Chump to send my children to war in a draft.

    Am I being silly?

  21. We’ve submitted some FOI requests with the Australian government:
    * to find out whether they even considered the US taxation of superannuation when they negotiated the treaty (we’re pretty sure they didn’t)
    * we’ve requested documents explaining why they did not do a privacy impact assessment for the FATCA IGA, even though it was recommended by the Privacy Commissioner, and
    * we’ve requested annual aggregate data on the FATCA data transfers to the IRS
    More detail in Carl’s blog post: http://fixthetaxtreaty.org/2017/11/30/behind-the-curtain-foi-requests/

  22. Call to Action – There’s a provision in both the House and Senate versions of the tax reform bill that could be interpreted as taxing the retained earnings of foreign (Australian) corporations owned by US taxpayers. We do NOT believe that this is what Congress intended – but there are a couple of Canadian tax advisors who think the literal interpretation would unfairly tax all owners of foreign corporations. We have written a letter to Malcolm Turnbull, Scott Morrison, and Julie Bishop explaining what the Australian government can do to help Australian small businesses caught by this trap.

    We’re asking US-tainted Australians to send a copy of our letter to their MP and Senators, asking them to get a response from the PM, Treasurer, and/or Foreign Minister as to how Australia will protect it’s citizens and residents by using the treaty to ask the IRS to agree that Congress did NOT intend for individual shareholders to pay the transition tax.

    In the blog post you will find the letter along with a longer explanation of the issue and an anonymous survey to record which MPs and Senators have received our letter.
    http://fixthetaxtreaty.org/2017/12/04/call-to-action/

  25. So… under the FATCA agreement with the US, the ATO sent data to the IRS on up to 6% of the financial assets of Australian households and businesses (excluding superannuation assets) at 31 December 2016! Somewhere between 2/3 and 3/4 of the accounts reported were owned by Australian residents. And there’s no way to know whether the benefits received by Australia (in the form of reduced tax evasion from accounts reported to the ATO by the IRS – and other governments in future years) outweigh the costs to the Australian economy of setting up the compliance systems that support the increased level of international financial “transparency” under FATCA and CRS.

    http://fixthetaxtreaty.org/2018/02/08/what-did-we-learn-from-our-ato-foi-request/

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