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Australia has now signed the Inter- Governmental Agreement with the USA. You are now required to obtain a GIIN by 1 January 2015 and become FATCA compliant by December 2015. This means you will need to conduct FATCA due diligence on existing and new account holders and undertake annual reporting to the ATO on "US reportable accounts", "recalcitrant account holders" and payments made to "non-participating" financial institutions
