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05 Jun 14 Implementing FATCA - amending Bill passes House

On 4 June 2014 the Tax Laws Amendment (Implementation of the FATCA Agreement) Bill 2014 passed the House of Representatives, without amendment, and now moves to the Senate.

The Bill will amend Schedule 1 to the Taxation Administration Act 1953 to require Australian financial institutions to collect information about their customers that are likely to be taxpayers in the United States of America and to provide that information to the Australian Commissioner of Taxation who will, in turn, provide that information to the US Internal Revenue Service.

These amendments give effect to the Australian Government’s commitments as set out in the Agreement between the Government of Australia and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA (the Foreign Account Tax Compliance Act (US)), which was signed in Canberra on 28 April 2014.

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