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
Good work I am going to do the same
I am sure Joe Hockey is aware BUT will he make an issue out of it ?
I believe the US is the party not keen to examine the current treaty
Keeping a keen eye on US politics
@AU
I have a bank account with CBA. I have not yet received anything from CBA about FATCA. I do not believe I filled out anywhere at CBA about my place of birth (my account goes back over twenty years). I have recently opened up an online credit union account where I am depositing any extra money. There was nothing on the credit union’s website about FATCA. I am trying to keep my CBA account well under $10,000. Not sure if this is the right strategy to stay under the radar. I recently for the first time did my Australian taxes online without the help (and expense) of an accountant. The ATO knows what bank accounts I have and how much interest I made with those accounts, even the credit union account. All the
ATO needs to do is to get into bed with the IRS and share information, then the IRS would know about all of my accounts even the credit union account.
@Jane
What a disgusting article.
It is written by an entity called a “Compliance Condor”
It is parasitic in nature and will suck the life from you.
I dream about beating the shit out of a “Compliance Condors”
Woops did I say that out aloud.
@Alby
Regardless the tone of the article, those trying to make sense of FATCA & etc…have this sort of stuff to wade past…It’s awful.
“(tears were shed all around when one of us read out a letter on the emotional impact on our family and lives, on how FATCA has created fear, anxiety, and we are pleading, beseeching you for help)”
Except, none of this ought to have been taken on board in the first place in AU if they didn’t grasp the ramifications in the first place.
Eff the USA/IRS:
Recall FATCA!
@Jakdac
If enough people raise these issues and Joe Hockey keeps hearing about it, surely he will act. He can’t ignore citizens living here.
Go to Canberra and lobby may be the answer, media campaign via lobbyists to get message out.
Create a leaflet and mail out to all known duals.
How to get more dual citizens informed and active
Re: get more dual citizens informed and active
When I am, out and hear an accent I ask if they are aware
Some are surprised BUT tend to hide
I believe when they renew their passports they may be surprised (now give SS # linked later to IRS) or they may not renew
If the USA really let everyone know (advertise in paper, sign document when entering USA when passport not active for long period of time and coming in from foreign land etc.) there would be a MAJOR revolt. Makes one wonder
@JC
On Tax Treaty is broke. A technical term is “Tax Treaty Gaps” through which there is no “protection” from double taxation.
But the IRS will step in and help us
IRS Updates Procedures On Requesting Tax Treaty Assistance
By Eric Kroh
Law360, New York (August 12, 2015, 4:45 PM ET) — The Internal Revenue Service on Wednesday updated procedures for taxpayers requesting assistance from the U.S. when they believe they may be subject to taxation by a country that is not authorized by an applicable tax treaty.
The mutual agreement procedure articles of U.S. tax treaties grant taxpayers the right to request the U.S. competent authority to step in when they believe they may be subject to unauthorized taxation. The guidance on making the requests was originally issued for public comment as Notice 2013-78. Under the final procedures,.
.http://www.law360.com/articles/690259?utm_source=rss&utm_medium=rss&utm_campaign=articles_search
I am going to send that to AUS treasury so they can apply and request for treaty assistance.
@EllenDownunder, @Alby, All
I do not have a CBA account but I called their FATCA info line to see what was happening. The CBA official said they were seeding out letters to all accounts (pre-existing and new) to everyone to determine there tax residency with all countries (not just the USA). When I asked questions about FATCA they really did not understand very much.
@Alby When you spoke to the MP do you feel that there was any pre-existing understanding of CBT and the consequences to Australians?
All
In AUS has anyone received a FATCA bank letter identifying you as an account to be interrogated due to your US unambiguous place of birth.
You will be identified and interrogated if your account value is $50k above.
I believe AUS is still catching up.We haven’t received one.
Here is an article you may have seen already
http://www.accountantsdaily.com.au/breaking-news/8394-facta-law-suit-to-have-implications-for-australian-firms
Then I urge you to read the comment underneath the article by an Australian Lawyer Terry Dwyer of Dwyer Lawyers, Chartered Tax Advisers Estate Planning.
“It is very pleasing that some people are starting to ask questions about fundamental rights. For far too long we in the Western world have permitted governments to assert with complete arrogance the right to spy upon and invade the private affairs of businesses and persons without search warrants issued under judicial supervision. Now we are even at the point in Australia where poltroons of politicians are claiming the right to strip natural born subjects of the Queen of their right to civic participation in the Commonwealth, notwithstanding, as Quick and Garran point out, that the Federal Parliament was specifically denied constitutional power over citizenship and confined to “naturalisation and aliens”.
The wars on drugs and terror have morphed into wars against citizens and taxpayers by bureaucracies which have gladly seized every chance to grab more power and which desperately need to be brought back under the strict control of law.”
Dr Terry Dwyer
Dwyer Lawyers
And then explore his website
http://www.dwyerlawyers.com.au/international-tax-and-investing/us-persons/
He is a rare Australian lawyer that has a deep understanding of what FATCA has created for “certain Australian citizens and residents”.and he comments:
“It is also psychologically onerous to feel you are being branded something akin to a criminal when you have not broken any laws in the country where you live and of which you may now be a citizen”
Call 0299299822 state your case ask them to bring expat tax to Joe Hockey’s attention and ask for a confirming email
Check opinions re expat tax
http://www.wsj.com/article_email/taking-the-irs-to-court-1440114086-lMyQjAxMTE1MTI5NzMyNTc0Wj
@ Au, Alby & JakDac
I’m fascinated by the Aussi awareness and action being discussed and initiated by you. (Ozteddies, an early Brocker from Australia who sadly passed away in 2013, would have loved this too.) I’m also delighted to learn a new word — poltroon — and a new phrase — poltroons of politicians. Good stuff! Surgite!
@All
Is it worth contacting the Hon Dr Mike Nahan, Western Australian Treasurer who was born in the United States.
@AU
If CBA asks me about tax residency I will tell them I am a tax resident of Australia only. Which is true. That is the country that I have only been putting in tax returns. But if they ask me about place of birth, I would have to lie and put down the location of the Australian hospital that my kids were born in. I have not touch foot on US soil in over twenty years. I am an Australian citizen. This is war.
@AU
From online:
“Michael Dennis “Mike” Nahan (born 2 July 1950) is an Australian politician. He has been a Liberal member of the Western Australian Legislative Assembly since 2008. He is the Western Australian Treasurer, Minister for Energy, and *Minister for Citizenship and Multicultural Interests*.”
Sounds like a good person to contact
I understand the unfairness of it all BUT I believe they stipulate purgury in document thus if it backfires it does so BIG time.
Hon. Dr Michael (Mike) Dennis Nahan MLA BEc, MS, PhD
Treasurer; Minister for Energy; Citizenship and Multicultural Interests
Citizenship ????
Electorate Office:…
Shop P05
Stockland Riverton
Cnr of High Road and Willeri Drive
Riverton WA 6148
Ph: 9457 1282
Fax: 9354 3044
Email: mike.nahan@mp.wa.gov.au
Website: http://www.mikenahan.com.au
Ministerial Office:
13th Floor
Dumas House
2 Havelock Street
West Perth WA 6005
Ph: 6552 5700
Fax: 6552 5701
Email: Minister.Nahan@dpc.wa.gov.au
Call him I will
I can always toss the letter in the recycle bin.
Dr Michael (Mike) Dennis Nahan not now a US Citizen the same as John-Paul Langbroek, was an American citizen
http://www.couriermail.com.au/news/john-paul-had-life-changes/story-e6frerdf-1225710517715
Email him too
surfers.paradise@parliament.qld.gov.au
@Alby I believe in Australia there are new account procedures asking if you are a USP. I have heard of this. That was an initial step and then I have an idea that if your account has $50,000 or more then that will be the next stage of the FATCA inquisition.
Contact
Nahan, Minister
Thank you for your email. This email is to acknowledge that your correspondence to the Hon Dr Mike Nahan MLA, Treasurer; Minister for Energy; Citizenship and Multicultural Interests has been received.
Please be assured your correspondence will be actioned as appropriate.
Thank you for taking the time to contact our office.
Kind regards
TREASURER; MINISTER FOR ENERGY; CITIZENSHIP & MULTICULTURAL INTERESTS
Level 13, Dumas House
2 Havelock Street
West Perth WA 6005
T: +61 8 6552 5700 F: +61 8 6552 5701
Email: minister.nahan@dpc.wa.gov.au
@Alby-
re: “taxation by a country that is not authorized” The Australian Parliament authorized the treaty which has Tax Treaty gaps. The Double tax is all “legal,” but definitely not fair. It is only fair in the eyes of an international tax lawyer definition of double taxation. For the ordinary person definition of double taxation, it is definitely double taxation.
@Alby.
re: visit to MP and report: http://isaacbrocksociety.ca/fatca-and-australia/comment-page-7/#comment-6426668
Bravo! This sounds like you and your party led your own mini-crusade. It sounds like you were quite prepared covering all points.
You might drop the name of the MP here so that I might, using a term from JakDac, “decorate” their twitter page, and then JakDac may consider “decorating” their Facebook page. I have written to Joe Hockey a few times and a few dozen other Australian government officials.
Australian Government Hypocrisy: Tony Abbot criticizing Russia for interfering into the internal affairs of the Ukraine, while saying noting about the USG interference through their tax and compliance into the internal affairs of Australia, such as upending Australian government Superannuation policy to help Australian residents save for their retirements. Australia should help seek crystal certainty about these matters and not allow the obtuse changing complexity, with potentially bankrupting, retirement-draining penalties and double taxation to persist.
LET THEM KNOW JUST A CLICK AWAY
https://www.facebook.com/mikenahan?fref=nf
https://twitter.com/MikeNahan/with_replies
https://www.facebook.com/JohnPaulLangbroekMP?fref=ts
https://twitter.com/JPLangbroek
https://www.facebook.com/mikenahan?fref=nf
https://twitter.com/MikeNahan/with_replies
https://www.facebook.com/JohnPaulLangbroekMP?fref=ts
https://twitter.com/JPLangbroek
https://www.facebook.com/topic/Joe-Hockey/111432878881595?source=stm
https://twitter.com/JoeHockey
Let ALL treasures know copy and paste
http://www.treasury.gov.au/Forms/Ministerial-Correspondence
AND your favorite newspapers
Good morning
Please be advised that the Hon Dr Mike Nahan MLA, is the elected State Member for the electorate of Riverton, in the Western Australian State Parliament.
Dr Nahan has no expertise or experience in this matter and recommends that those people affected seek professional tax and/or legal advice in relation to their concerns.