The Australian Treasury is currently asking for submissions on updating Australia’s tax treaty network. Submissions are due 31 October 2021. Fix the Tax Treaty has posted a draft of our submission in our Facebook Group. Comments and feedback are welcome. Everyone is encouraged to make a submission of their own as well.
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Let's Fix the Australia/US Tax Treaty!
The Australia/US tax treaty needs urgent revision to prevent double taxation
Interesting I recently wrote to Sen Jane Hume Minister for Superannuation about our situation with documentation.
Is this rare that they ask for submissions on the Tzx Treaty ?
This is an excellent submission. I think it might be helpful to include (or submit separately) actual stories of individuals impacted by these problems.
Would it be helpful to also include a paragraph on the 877A Exit Tax and how the combination of Super values, increase in real estate values and the fact that the 2 million USD threshold is not indexed to inflation subjects more and more people to its confiscatory provisions?
You might ask individuals who make submissions to forward a copy separately to you so that you can see collectively what has been submitted on this issue.
(One other thought – the US/Australian tax treaty is far worse than the provisions of the 2016 US Model Tax Treaty and US Treaties with Canada and the UK. Why should Australia have a less favourable treaty?)
Great job!!!!!
Will Australia seek to stop following FATCA?
Not likely die to the sanctions on noncompliant financial institutions. Best A same country exception is more likely.