Post–implementation Review – Department of the Treasury
On 28 April 2014, the then Treasurer, the Hon Joe Hockey MP, announced the signing of an intergovernmental agreement (IGA) between Australia and the United States regarding the United States’ Foreign Account Tax Compliance Act (FATCA).
FATCA aims to prevent US tax evasion by detecting income and assets held by US taxpayers in financial institutions outside the US. The Australian Government’s signing of the IGA required Australian financial institutions to report details of accounts held by their US customers to the US Internal Revenue Service (IRS) from 1 July 2014.
The Department of the Treasury was required to prepare a Post-Implementation Review (PIR) under the Government’s Regulation Impact Statement (RIS) requirements because of the significant impacts of the proposal.
A PIR was completed by the Department of the Treasury on 12 August 2020 and was assessed as compliant by the Office of Best Practice Regulation.
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