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…
Click on the link below to read the rest of the Minter Ellison briefing.
News from Minter Ellison
News from The Lawyer
Briefings from Minter Ellison
Developing a multilateral instrument to modify bilateral tax treaties: OECD issues its paper on BEPS Action 15
Minter Ellison considers the main issues and options for taxation reform raised in the OECD’s new paper.
Minter Ellison outlines the hybrid recommendations made by the OECD, discusses their implications and provides some comment and insight.