Exchange Of Information Agreement With Australia In Phoenix
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The US-Australia double tax agreement covers income such as pensions, dividends, interest, and business profits, allowing reduced rates or exemptions to avoid double taxation.
The Privacy Act of 1974 established the Information Exchange Agreement (IEA). The IEA is a document used when CMS discloses Personally Identifiable Information (PII) to a Department of Health and Human Services (HHS) Operating Division (OpDiv), another federal agency, or a state agency.
Effective information exchange requires a jurisdiction to have the legal capacity to obtain and provide information to Australia that is relevant to tax matters in Australia. EOI arrangements promote international tax transparency and safeguard against offshore tax avoidance and evasion.
Tax information exchange agreements TIEAs) allow the tax authorities of Australia and the participating country to exchange information to assist each other in administering and enforcing their tax laws on both civil and criminal matters.
The FATCA Agreement provides exemption for certain Australian institutions (for example, superannuation funds) and accounts from the FATCA requirements, and the removal of the 30% withholding tax on AFIs (unless there is significant non-compliance by an AFI with its FATCA Agreement obligations).