The Tax Laws Amendment (Implementation of the FATCA Agreement) Bill 2014 was introduced into the House of Reps on Thur 29.5.2014. The Bill proposes to amend Sch 1 to the TAA to require Australian financial institutions to collect information about their customers that are likely to be taxpayers in the US and to provide that information to the Commissioner of Taxation who will, in turn, provide that information to the US Internal Revenue Service. The amendments are proposed to 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, which was signed in Canberra on 28 April 2014.
DATE OF EFFECT: 1 July 2014
[LTN 102, 29/5/14]