'A big part the intergovernmental agreement is to make sure Australian compliance with FATCA happens in a way that reduces its overall burden on Australian business, Treasurer Wayne Swan said in a statement on Wednesday. "This announcement has come at a critical time as the final FATCA regulations are expected before the end of the year," said John Brogden, chief executive officer, Financial Services Council (FSC). Significant compliance costs could be passed on to investors, especially in superannuation, he said. "It is essential that an intergovernmental agreement is established as it is the only way that Australian superannuation funds can be guaranteed an exemption from FATCA", Brogden said. Other low risk investment products could also potentially be exempted, he said. Draft FATCA regulations released in February 2012 sent shockwaves through the industry when it became apparent that superannuation funds would be subjected to FATCA reporting and withholding requirements. The FSC has been in ongoing discussion with senior US Treasury and Internal Revenue Service officials and relevant members of Congress on the impact of FATCA on Australia's financial services industry....'
Source : http://investorseu.com/UBq7HE
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