The Foreign Account Tax Compliance Act (FATCA) was introduced by the United States Government as a means of obtaining more tax information with regard to US tax citizens and US-owned entities. InvestSMART is deemed to be a “foreign financial institution” and as such is required to obtain and disclose information from these individuals and entities. This information is reported to the Australian Tax Office (ATO) by InvestSMART, which in turn is forwarded to the U.S. Internal Revenue Service (IRS). If you are a citizen of The United States or wish to invest with us through a US-owned entity, you are required to disclose this information during the application process.
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What is FATCA?