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Calibrating the machine: further amendments to FATCA regulations and Australia IGA "completed"

Publication date: 14 Apr 14 | Source: CCH TAX WEEK

Issue: Issue 9, 14 Mar 2014

Pages: pp 1-3


On 20 February 2014 the US Department of the Treasury and the Internal Revenue Service (IRS) issued what they describe as “the last substantial package of regulations necessary to implement the Foreign Account Tax Compliance Act (FATCA)”. The changes revise and further clarify the FATCA regulations issued on 28 January 2013.

 Amendments released on 20 February 2014 (Regulations) contain a set of revisions to the final FATCA regulations issued on 28 January 2013, made in response to stakeholder feedback.

The Regulations will continue to be relevant to Australian financial institutions even if Australia and the US sign a FATCA intergovernmental agreement (IGA).

 Importantly, Australian financial institutions will be required to comply with FATCA obligations contained in an Australia IGA; an IGA will remove the choice of compliance.

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Author profiles

Andrew Clements FTI
Andrew Clements is a partner in the tax group in the Melbourne office of King & Wood Mallesons. He is a specialist in the area of employee and executive remuneration, with over 30 years' experience. He has extensive experience in both the listed and unlisted environment, having acted for many of Australia's leading public companies in establishing and advising in relation to the tax and corporate issues associated with employee and executive remuneration. That experience also extends to dealing with the complex corporate tax issues associated with providing employee equity in the unlisted environment in Australia. He has worked with many leading Australian and foreign corporations in relation to offering employee benefits throughout Asia. Andrew has particular experience in dealing with the tax and corporate aspects associated with the restructuring of global equity compensation plans resulting from major corporate transactions. - Current at 04 November 2016
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Suzanne GIBSON