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| wiki:fatca [2025/05/09 06:08] – created karen | wiki:fatca [2025/05/09 07:03] (current) – fix link karen |
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| ==== Measuring the Benefits and Impact of FATCA ==== | ==== Measuring the Benefits and Impact of FATCA ==== |
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| In Australia little has been reported on the extent of FATCA reporting. When the first batch of accounts were transmitted to the IRS, The Australian reported(([[http://www.theaustralian.com.au/business/economics/ato-hands-over-bank-details-to-us-internal-revenue-service/news-story/31129a8375c08fa00835675be08e2e4e|ATO hands over bank details to US Internal Revenue Service (paywall)]] (24 Sept 2015) - {{:wiki:contents:ato_hands_over_bank_details_to_us_internal_revenue_service.pdf |pdf}})) that details on more than 30,000 accounts containing more than $5billion had been transferred to the IRS. The quantity of data transferred in 2016 had not been publicly reported. Furthermore, there was no information as to the breakdown of reported accounts between resident and non-resident accounts and between individual and entity accounts. | In Australia little has been reported on the extent of FATCA reporting. When the first batch of accounts were transmitted to the IRS, The Australian reported(([[http://www.theaustralian.com.au/business/economics/ato-hands-over-bank-details-to-us-internal-revenue-service/news-story/31129a8375c08fa00835675be08e2e4e|ATO hands over bank details to US Internal Revenue Service (paywall)]] (24 Sept 2015) - {{:wiki:contents:ato_hands_over_bank_details_to_us_internal_revenue_service.pdf|pdf}})) that details on more than 30,000 accounts containing more than $5billion had been transferred to the IRS. The quantity of data transferred in 2016 had not been publicly reported. Furthermore, there was no information as to the breakdown of reported accounts between resident and non-resident accounts and between individual and entity accounts. |
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| To fill this information gap, we did an FOI request at the end of 2017 - reported on the blog [[http://fixthetaxtreaty.org/2018/02/08/what-did-we-learn-from-our-ato-foi-request/|here]]. A request to update this data was made at the end of 2018, and denied by the ATO stating that releasing this data would harm the international relations of the Commonwealth. We requested an internal ATO review which upheld the original decision. We are currently appealing the decision with the Office of the Australian Information Commissioner. | To fill this information gap, we did an FOI request at the end of 2017 - reported on the blog [[http://fixthetaxtreaty.org/2018/02/08/what-did-we-learn-from-our-ato-foi-request/|here]]. A request to update this data was made at the end of 2018, and denied by the ATO stating that releasing this data would harm the international relations of the Commonwealth. We requested an internal ATO review which upheld the original decision. We are currently appealing the decision with the Office of the Australian Information Commissioner. |
