(September 24, 2015)

On September 16, 2015 the Competent Authorities of Australia and the United States have concluded a (FATCA) Competent Authority Arrangement.

On April 28, 2014 the Government of the United States of America and the Government of Australia signed an intergovernmental agreement to Improve International Tax Compliance and to Implement FATCA (Hereafter: the IGA). Article 3, Paragraph 6 of the IGA provides that the Competent Authorities of the United States and Australia (the Competent Authorities) shall enter into an agreement or arrangement under the mutual agreement procedure provided for in Article 24 of the Convention between the Government of the United States of America and the Government of Australia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income (Hereafter: the DTA), in order to establish and prescribe the rules and procedures necessary to implement certain provisions in the IGA. (Article 24 of the DTA permits the Competent Authorities to also address other matters regarding implementation).

The Competent Authority Arrangement includes a.o. arrangements with respect to the following matters:

·         Object and scope

·         Registration of Australian Financial Institutions

·         Time and manner of Exchange of Information

·         Remediation and enforcement

·         Confidentiality and data safeguards

·         Costs

·         Effect, consultation and modification

·         Publication

Click here to be forwarded to the Competent Authority Arrangement between the Competent Authorities of Australia and the United States, which was signed on September 16, 2015 as available on the website of the Australian Taxation Office, which will open in a new window.

Click here to be forwarded to the Agreement between the Government of the United States of America and the Government of Australia to Improve International Tax Compliance and to Implement FATCA as available on the website of the U.S. Department of the Treasury, which will open in a new window.

If you are interested in the text of the Convention between the Government of the United States of America and the Government of Australia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income, then please be advised that like many other Tax Treaties a very efficient way to locate the text of this Convention is to click on Australia in our section DTAs and TIEAs.

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