Bill
Tax Laws Amendment (Implementation of the FATCA Agreement) Bill 2014
passed, as at 2014-06-30. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2014-05-29
- second reading — 2014-05-29
- second reading — 2014-06-04
- second reading — 2014-06-04
- third reading — 2014-06-04
- introduced — 2014-06-16
- second reading — 2014-06-16
- second reading — 2014-06-19
- second reading — 2014-06-19
- third reading — 2014-06-19
- passed — 2014-06-19
- royal assent — 2014-06-30
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2014-05-29.
This bill would implement Australia's obligations under a tax information-sharing agreement with the United States.
Australian financial institutions would be required to provide the Tax Commissioner with details of accounts held by US taxpayers, which the Commissioner would then transmit to the US Internal Revenue Service.
The bill also sets up supporting rules for record-keeping, due diligence and transitional reporting on payments to non-participating financial institutions.
- Requires Australian financial institutions to report account information on US taxpayers to the Tax Commissioner.
- Establishes record-keeping and due diligence duties for those institutions.
- Creates transitional reporting obligations for payments to non-participating financial institutions.
Reporting Australian financial institutions and the Commissioner of Taxation.
Sources
em
billhome
frl act