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ARTICLE · 27 JULY 2013

US postpones FATCA withholding regime

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Australia now has more time to pass FATCA implementation legislation and institutions can prepare for FATCA compliance.

AustraliaFinance and Banking
Peter Luke
Peter Luke
Joshua Khoo
Joshua Khoo
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Focus: United States Foreign Account Tax Compliance Act
Services: Financial Services
Industry Focus: Financial Services

The commencement of withholding obligations under the United States Foreign Account Tax Compliance Act (FATCA) has been postponed by six months. This means that the Australian Government now has more time to pass FATCA implementation legislation and Australian financial institutions have more time to prepare their systems for FATCA compliance.

Previously, the withholding commencement date was 1 January 2014. According to a notice recently published by the United States Internal Revenue Service (IRS) (Notice 2013-43), the regime will now commence on 30 June 2014.

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