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wiki:contents:fatca:aus_fatca_implementation [2017/03/26 13:44]
carl
wiki:contents:fatca:aus_fatca_implementation [2019/03/16 11:13] (current)
carl [Parlimentary Review & Legislation]
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 Government consideration of FATCA in Australia was rushed. ​ As such, it is debatable whether the FATCA IGA was properly analysed and debated before being implemented,​ particularly from the impacted individuals point of view.  Clearly, Australian businesses had much to loose and mobilised the business lobby resources to push the required FATCA changes through.  ​ Government consideration of FATCA in Australia was rushed. ​ As such, it is debatable whether the FATCA IGA was properly analysed and debated before being implemented,​ particularly from the impacted individuals point of view.  Clearly, Australian businesses had much to loose and mobilised the business lobby resources to push the required FATCA changes through.  ​
  
-The Australian Government was forced to have the IGA and associated legislation in place by the imposed US legislated an FATCA deadline of 1 July 2014.  Given the potential material financial penalties faced by impacted Australian businesses, the **Parliamentary Committee on Treaties** was urged to expedite consideration of the FATCA IGA by the (then) Australian Treasurer, Joe Hockey. ​ In May 2014, the Parliamentary Committee on Treaties recommended that binding treaty action be taken despite concerns, stating((Source: ​ Australian ​Parliment ​Joint Standing Committee on Treaties, Interim Report on the //Agreement between the Government of Australia and the Government of the United States of America to Improve International Tax Compliance and Implement FATCA//, 13 May 2014, [[http://​www.aph.gov.au/​Parliamentary_Business/​Committees/​Joint/​Treaties/​13_May_2014/​Report_140|Report]])):  ​+The Australian Government was forced to have the IGA and associated legislation in place by the imposed US legislated an FATCA deadline of 1 July 2014.  Given the potential material financial penalties faced by impacted Australian businesses, the **Parliamentary Committee on Treaties** was urged to expedite consideration of the FATCA IGA by the (then) Australian Treasurer, Joe Hockey. ​ In May 2014, the Parliamentary Committee on Treaties recommended that binding treaty action be taken despite concerns, stating((Source: ​ Australian ​Parliament ​Joint Standing Committee on Treaties, Interim Report on the //Agreement between the Government of Australia and the Government of the United States of America to Improve International Tax Compliance and Implement FATCA//, 13 May 2014, [[http://​www.aph.gov.au/​Parliamentary_Business/​Committees/​Joint/​Treaties/​13_May_2014/​Report_140|Report]])):  ​
  
 <​file>​ <​file>​
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 </​file>​ </​file>​
  
 +=== Privacy Considerations ===
 +
 +FIXME No Privacy Impact Assessment (PIA) was done on the FATCA implementing legislation even though recommended by the Privacy Commissioner,​ Office of the Australian Information Commissioner (OAIC) - Item 26 of [[https://​www.oaic.gov.au/​engage-with-us/​submissions/​intergovernmental-agreement-to-implement-fatca|OAIC Submission to Treasury on Intergovernmental agreement to implement FATCA]]. ​ Correspondence with Treasury as part of an unsuccessful FOI request, clarified that OAIC’s submission only suggested that Treasury complete a PIA on FATCA meaning there was therefore no legal requirement for Treasury to do-so. However, the privacy implications and the OAIC’s submission were subsequently discussed in the  [[http://​ris.pmc.gov.au/​sites/​default/​files/​posts/​2014/​05/​08_RIS_accessible.pdf|Regulation Impact Statement]] prepared by Treasury. ​
 +
 +When looking at Privacy impact of FATCA, we should also be looking at CRS as similar privacy concerns exist. The [[https://​www.ato.gov.au/​law/​view/​document?​DocNum=0000080940&​PiT=20160331000000&​FullDocument=true|Explanatory Memorandum]] includes a section on Human Rights which talks about privacy, but nothing from the Privacy Commissioner.
 +=== Costs ===
 +[[https://​en.wikipedia.org/​wiki/​Foreign_Account_Tax_Compliance_Act#​Implementation_cost|costs on wikipedia]]
 +[[http://​isaacbrocksociety.ca/​2016/​02/​19/​australia-funds-americas-fatca-ethnic-identification-system/​|post on Isaac Brock]]
 +
 +
 +====Resources:​====
 +
 +[[https://​treasury.gov.au/​tax-treaties/​intergovernmental-agreement/​|FATCA IGA text and MOU]]
 +
 +[[http://​ris.pmc.gov.au/​2014/​05/​15/​implementation-united-states-foreign-account-tax-compliance-act-australia-%E2%80%93-regulation|FATCA Regulation Impact Statement Page]]
 +  * [[http://​ris.pmc.gov.au/​sites/​default/​files/​posts/​2014/​05/​08_RIS_accessible.pdf
 +|FATCA Regulation Impact Statement (2014) - Summarises Treaty and Consultation]]
 +  * [[http://​ris.pmc.gov.au/​sites/​default/​files/​posts/​2014/​05/​07-R-Heferen-final-certification-letter.pdf
 +|Deputy Secretary Certification Letter - close out of initial OBPR review findings]]
 +  * [[http://​ris.pmc.gov.au/​sites/​default/​files/​posts/​2014/​05/​Signed_correspondence-_McNamara_to_Heferen_25_March_2014.pdf
 +|OBPR Assessment Advice - Office of Best Practice Regulation final review of RIS; noted that RIS cost analysis could still be improved]]
 +  * Per Office of Best Practice Regulation "given the significance of FATCA, a post-implementation review will be required within five years" (presumably in 2019). ​ Reference: ([[https://​www.pmc.gov.au/​resource-centre/​regulation/​post-implementation-reviews-guidance-note| Post-implementation reviews Guidance Note]] )
 +  ​
 +
 +[[https://​www.legislation.gov.au/​Details/​C2014A00067|Tax Laws Amendment (Implementation of the FATCA Agreement) Act 2014]]
 +
 +[[https://​www.legislation.gov.au/​Details/​C2014B00107/​Explanatory%20Memorandum/​Text|Explanatory Memorandum - TAX LAWS AMENDMENT (IMPLEMENTATION OF THE FATCA AGREEMENT) BILL 2014]]
 +
 +[[http://​parlinfo.aph.gov.au/​parlInfo/​search/​display/​display.w3p;​query=MajorSubjectId_Phrase%3AHR1%20SearchCategory_Phrase%3A%22publications%22;​rec=0|Background report on FATCA]] by Hannah Gobbett and Bernard Pulle for Parliamentary Information Service
wiki/contents/fatca/aus_fatca_implementation.1490499867.txt.gz · Last modified: 2017/03/26 13:44 by carl
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