Fix The Tax Treaty! - wiki:contents:fatca
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2026-04-16T10:48:01+00:00Fix The Tax Treaty!
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Australian FATCA Implementation
FIXME Potential topics to research & discuss: concept of IGA, process of introducing FATCA within Australia (including summary of any public / parlimentary debate , required changes to Australian law, etc.
Parlimentary Review & Legislationtext/html2025-05-09T06:17:06+00:00Anonymous (anonymous@undisclosed.example.com)business_costs
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FATCA Implementation and Maintenance Costs
Few estimates have been made on the cost to Australian businesses to implement and maintain FATCA compliance systems.
However, some estimates have been made. From Wikipedia article on FATCA:
"Australia: The costs in Australia are estimated to be A$255 million for
implementation, and A$22.7M for each year of maintenance. Over 10 years,
this totals A$482.68M.[63] With 77,000 resident US citizens (54% of whom
are of dual citizenship) and known po…text/html2025-05-09T06:17:34+00:00Anonymous (anonymous@undisclosed.example.com)byrnes_paper
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Background and Current Status of FATCA
This page is a summary and review of:
Byrnes, William and Munro, Robert J., Background and Current Status of FATCA (March 1, 2017). LexisNexis® Guide to FATCA & CRS Compliance (5th ed., 2017) . Available at SSRN:text/html2025-05-09T06:13:45+00:00Anonymous (anonymous@undisclosed.example.com)fatca_v_crs
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US Tax
Overview
The United States is unique in taxing long-term non-resident “US Persons” on their worldwide income under the same rules that apply to resident taxpayers. This tax applies to US citizens AND legal permanent residents (greencard holders) until they formally abandon their US status (turning in a green card by submittingtext/html2025-05-09T06:15:41+00:00Anonymous (anonymous@undisclosed.example.com)taxpayer_rights
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Taxpayer Rights
Account holders whose data is sent to the IRS under FATCA should have the right to know what data has been sent. This has been addressed in several blog posts:
* Transparency
* FOI Request
* FOI Take 2
As discussed in these posts, domestic US taxpayers whose data is reported to the IRS are entitled to a form 1099 informing them of the data that has been reported. This allows taxpayers to amend erroneous data before that data becomes the basis of a tax assessment.