Australia Turns Over Account Details to IRS

The Australian Business Review on 9/27/15 reported that the Australian Tax Office gave the IRS details of more than 30,000 bank accounts containing more than $5B in funds.

This transfer of tax information on US taxpayers with Australian bank accounts is the first transfer of of information under FATCA( Foreign Account Tax Compliance Act, passed as legislation in March 2010, but not implemented until 5 years later beginning February, 2015.

Please see article below.

Regulators catching up to Ferrari tax dodgers


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