Australia has, for the first time, transmitted information to the US government on US-owned financial accounts under an arrangement designed to combat offshore tax evasion, the Australian Taxation Office said September 23.
Details of over 30,000 financial accounts worth over $5 billion (USD $3.5 billion) were provided to the US government under Foreign Account Tax Compliance Act (FATCA) agreements, the ATO said. The information will be used by the US government to identify undeclared offshore income.
In return, the US will provide Australia with information on Australian-owned accounts located in the US, the ATO said.
Australia and the US signed a Model 1 intergovernmental agreement (IGA) to establish the data exchange in April 2014. An Australian law giving effect to the IGA received royal assent the following month.
Be the first to comment