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wiki:contents:fatca:aus_fatca_implementation [2019/02/23 10:24]
carl [Resources:]
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]])):  ​
  
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   * [[http://​ris.pmc.gov.au/​sites/​default/​files/​posts/​2014/​05/​Signed_correspondence-_McNamara_to_Heferen_25_March_2014.pdf   * [[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]] |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]] )
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