(September 23, 2015)

On September 23, 2015 the Australian Taxation Office (ATO) issued a media release announcing that it has undertaken its first ever automatic sharing of bank information with the Internal Revenue Service (IRS).

According to the press release details of over 30,000 financial accounts worth over $5 billion are being provided to the United States under the new powers of the US Foreign Account Tax Compliance Act (FATCA). In return the ATO will receive data from the IRS about Australians with financial accounts in the US and will use that data to detect cases of undeclared offshore income and tax evasion.

The ATO states that the Automatic exchange of financial account information is the new international standard to eliminate tax evasion and expresses that it is committed to ensuring that taxpayers are disclosing their offshore income and in 2017 will implement the CRS, under which it will exchange financial account information with almost 100 countries.

Click here to be forwarded to the media release as issued by the ATO in this respect.

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