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19 Jun 14 Implementing FATCA - amending Bill passes Senate

On 19 June 2014 the Tax Laws Amendment (Implementation of the FATCA Agreement) Bill 2014 passed the Senate, without amendment, and will await the Royal Assent.

The Bill amends 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.


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