Tax Laws Amendment (Implementation of the FATCA Agreement) Act 2014 (Cth)

Tax Laws Amendment (Implementation of the FATCA Agreement) Act 2014

No. 67, 2014

An Act to implement the FATCA Agreement, and for related purposes

Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—FATCA Income Tax Assessment Act 1997 Taxation Administration Act 1953

Tax Laws Amendment (Implementation of the FATCA Agreement) Act 2014 No. 67, 2014

An Act to implement the FATCA Agreement, and for related purposes

[Assented to 30 June 2014]

The Parliament of Australia enacts:

1 Short title This Act may be cited as the Tax Laws Amendment (Implementation of the FATCA Agreement) Act 2014.

2 Commencement This Act commences on the day this Act receives the Royal Assent.

3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—FATCA

Income Tax Assessment Act 1997

1 Subsection 995‑1(1) Insert: FATCA Agreement has the meaning given by section 396‑15 in Schedule 1 to the Taxation Administration Act 1953.

Taxation Administration Act 1953

2 After Division 394 in Schedule 1 Insert:

Division 396—FATCA

Guide to Division 396

396‑1 What this Division is about

This Subdivision gives effect to the FATCA Agreement between the Government of Australia and the Government of the United States of America. Reporting Australian Financial Institutions must give the Commissioner certain information about U.S. Reportable Accounts. For the 2015 and 2016 calendar years, they must also give the Commissioner information about payments made to Nonparticipating Financial Institutions. This Subdivision also creates record‑keeping obligations in relation to the requirements to give the Commissioner information.