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wiki:contents:fatca:aus_fatca_implementation [2019/02/14 07:29]
carl [Parlimentary Review & Legislation]
wiki:contents:fatca:aus_fatca_implementation [2019/11/18 20:43] (current)
karen [Resources:]
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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 individual'point of view.  Clearly, Australian businesses had much to lose 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 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>
-"The Committee, despite reservations about the Agreement, appreciates that  +"The Committee, despite reservations about the Agreement, appreciates that it makes the best of a less than satisfactory situation."
-it makes the best of a less than satisfactory situation."+
 </file> </file>
  
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 [[https://treasury.gov.au/tax-treaties/intergovernmental-agreement/|FATCA IGA text and MOU]] [[https://treasury.gov.au/tax-treaties/intergovernmental-agreement/|FATCA IGA text and MOU]]
  
-[[http://ris.pmc.gov.au/sites/default/files/posts/2014/05/08_RIS_accessible.pdf+[[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]] |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/C2014A00067|Tax Laws Amendment (Implementation of the FATCA Agreement) Act 2014]]
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 [[https://www.legislation.gov.au/Details/C2014B00107/Explanatory%20Memorandum/Text|Explanatory Memorandum - TAX LAWS AMENDMENT (IMPLEMENTATION OF THE FATCA AGREEMENT) BILL 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+[[https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/rp/rp1314/QG/FATCA|Background report on FATCA]] by Hannah Gobbett and Bernard Pulle for Parliamentary Information Service ([[https://parlinfo.aph.gov.au/parlInfo/download/library/prspub/2935245/upload_binary/2935245.pdf;fileType=application%2Fpdf|pdf]]) 
 + 
 +[[https://parlinfo.aph.gov.au/parlInfo/search/summary/summary.w3p;page=0;query=FATCA%20SearchCategory_Phrase%3A%22publications%22;resCount=Default|Search of ParlInfo for publications on FATCA]]
wiki/contents/fatca/aus_fatca_implementation.1550093378.txt.gz · Last modified: 2019/02/14 07:29 by carl
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