FATCA has been adopted by Australia under an intergovernmental agreement. As a result, Australian domestic law now requires all Australian financial institutions to report US person depositors to the Australian Tax Office, which reports them to the IRS. This potentially creates US tax consequences for Australian resident US persons who are not current with their US tax reporting obligations.
Moodys has a thorough understanding of FATCA and can provide advice to any US persons living in Australia who are wondering how FATCA affects them. Contact us to learn more.