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wiki:contents:fatca:aus_fatca_implementation [2019/02/23 10:12]
carl [Resources:]
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'​s ​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/​Signed_correspondence-_McNamara_to_Heferen_25_March_2014.pdf 
-|OBPR Assessment Advice - Office of Best Practice Regulation submission based on RIS review]] 
   * [[http://​ris.pmc.gov.au/​sites/​default/​files/​posts/​2014/​05/​07-R-Heferen-final-certification-letter.pdf   * [[http://​ris.pmc.gov.au/​sites/​default/​files/​posts/​2014/​05/​07-R-Heferen-final-certification-letter.pdf
-|Deputy Secretary Certification Letter]]+|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.1550880722.txt.gz · Last modified: 2019/02/23 10:12 by carl
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