Australia Signs FATCA Accord

Australia’s Treasurer Joe Hockey announced on Tuesday that Australia and the United States “…signed an intergovernmental agreement (IGA) to reduce the burden on Australian financial institutions in complying with the United States’ Foreign Account Tax Compliance Act (FATCA).”

The treasurer commented that the agreement would assist Australian financial institutions to comply with FATCA and minimise the costs of doing so. He also mentioned that “…it broadens arrangements between the Australian Taxation Office and the US Internal Revenue Service” and that it “…will also improve existing tax information-sharing arrangements between Australia and the United States, for the purpose of presenting tax evasion.”

A copy of the IGA may be downloaded here.

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Director Principal of Rollo & Company Pty Ltd, a CPA practice that specialises in Australian & international tax, estate and succession planning, professional education, negotiation and mediation, mentoring – executive coaching, and higher education consulting. We also provide the Student Ombudsman Service at Macquarie University in Sydney.

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