ATO bank sharing with US Inland Revenue Service
Details of over 30,000 financial accounts worth over $AU 5bn are being provided to the US under the US Foreign Account Tax Compliance Act (FATCA).
The ATO has undertaken its first automatic sharing of bank information with the US Internal Revenue Service (IRS).
Details of over 30,000 financial accounts worth over A$5bn are being provided to the US under the US Foreign Account Tax Compliance Act (FATCA).
The information relates to US citizens and tax residents with Australian bank accounts and is part of the transparency measures being implemented globally by Governments and tax authorities.
The ATO will receive data from the IRS regarding Australians with financial accounts in the US, and that information will be used to detect cases of undeclared offshore income and tax evasion.
As always, if you have undeclared foreign assets, being proactive is the best approach. Contact us on 02 9957 4033 for guidance on how to do so.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.