The Foreign Account Tax Compliance Act (FATCA) is United States (U.S.) legislation aimed at improving compliance with U.S. tax laws. FATCA imposes certain due diligence and reporting obligations on foreign (non-U.S.) financial institutions, including the obligation to report U.S. citizen or U.S. tax resident accounts to the U.S. Internal Revenue Service (IRS).
What should I do?
FATCA affects investors of financial institutions who meet the criteria as specified in the intergovernmental agreement (IGA) between Australia and the U.S.
If you are an investor with such an issuer, you may be sent a FATCA self-certification form depending on when you acquired the securities. We expect to send the form (to qualifying investors) in the first quarter of 2016.
If you are unsure of how to complete this form or your FATCA status, you will need to seek your own advice.
Further information is available online via:
- US Internal Revenue Service
- Australian Taxation Office
- Australia – United States Intergovernmental Agreement (IGA)
Please click here for FATCA FAQs