Australia and the United States signed an agreement relating to US Foreign Account Tax Compliance Act (FATCA) on 28 April 2014. These intergovernmental agreements are being concluded by the US in connection with the implementation of the FATCA in the US from July 2014. The agreement is intended to reduce the potential compliance burden on Australian business and also reduces their costs by streamlining their due diligence requirements and widening the scope of the arrangements made by the Australian Tax Office and the IRS.
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