House of Representatives

Tax Laws Amendment (Implementation of the FATCA Agreement) Bill 2014

Tax Laws Amendment (Implementation of the FATCA Agreement) Act 2014

Explanatory Memorandum

(Circulated by the authority of the Treasurer, the Hon J. B. Hockey MP)

Glossary

The following abbreviations and acronyms are used throughout this explanatory memorandum.

Abbreviation Definition
ABA Australian Bankers' Association
ABS Australian Bureau of Statistics
ADI Authorised Deposit-taking Institution
ATO Australian Taxation Office
COBA Customer Owned Banking Association
Commissioner Commissioner of Taxation
CRS Common Reporting Standard
FATCA Foreign Account Tax Compliance Act
FATCA Agreement Agreement between the Government of Australia and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA
FFI Foreign Financial Institution
FHSA First Home Saver Account
FSC Financial Services Council
ICERD International Convention on the Elimination of All Forms of Racial Discrimination
ICESCR International Covenant on Economic, Social and Cultural Rights
ICCPR International Covenant on Civil and Political Rights
IGA Agreement between the Government of Australia and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA
IRC Internal Revenue Code
IRS Internal Revenue Service
OAIC Office of the Australian Information Commissioner
OECD Organisation for Economic Co-operation and Development
OVDP Offshore Voluntary Disclosure Program
Privacy Act Privacy Act 1988
RIS Regulation Impact Statement
TAA 1953 Taxation Administration Act 1953
US United States of America
USD US Dollars

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