Australia’s answer to FATCA is here

On 28 April 2014, Australia entered into an intergovernmental agreement (IGA) with the US to improve international tax compliance and implement the US Foreign Account Tax Compliance Act (FATCA).

Exposure draft legislation has also been released by the Australian Treasury that will give domestic effect to our obligations under the IGA.

The IGA and the proposed new Division 396 — FATCA of the Taxation Administration Act 1953 (TAA 1953) broadly relieve Reporting Australian Financial Institutions (as defined in the IGA) from FATCA reporting obligations. These are replaced with like reporting and due diligence obligations to the Australian Taxation Office (ATO), which will in turn exchange this information in accordance with the IGA and article 25 of the double tax agreement between Australia and the US…

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