• Obtain information sufficient to identify accounts held by US citizens, which requires proving an account is not a US account. • Comply with verification and due diligence procedures on such accounts as required by US Treasury. • Comply with requests from US Treasury for additional information. • FFIs must withhold 30 per cent tax on payments to recalcitrant account holders, as well as payments to non-participating FFIs which are attributable to certain US sourced payments received by the FFIs. • If foreign law would prevent reporting accounts, the FFI should obtain a waiver from the customer to allow the reporting. If a waiver cannot be obtained, the account should be closed, even though this may be against the spirit of Australian privacy and consumer laws. • FATCA has been designed to override tax treaty and other withholding exemptions.

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