US Expats in Australia

The hardest thing in the world to understand is the income tax. 

Albert Einstein

We make it easy to understand at USTaxCentral Australia.

Our goal goes well beyond just preparing your tax return. We also help you to comply with your tax obligations in the US and Australia through proactive tax planning. Our services are tailor-made for your benefit. 

Did you know?

01.

US citizens and resident aliens who maintain a tax home outside the US and its territories are still subject to tax on worldwide income and must file a tax return.

02.

If you have a trust, you are required to file informational forms about the trust.

03.

If you own a foreign business or are a director of a Foreign Controlled Company, you need to report need to file an informational tax return about the foreign company.

04.

If you have aggregated bank accounts of $10,000 or more, you have a filing obligation to report these bank accounts.

Tax Briefing

 

Expatriates are subject to US tax on their worldwide income and, as such, must file a US return for all the years they are residing abroad.

However, an expatriate may be able to reduce US taxable income by claiming foreign earned income and housing exclusions or reduce US tax liability by application of foreign tax credits.

Tax Highlights

US Tax Returns

US citizens and resident aliens who maintain a tax home outside the US and its territories are still subject to tax on worldwide income and must file a tax return.

Expatriation tax

Taxpayers who relinquish their US citizenship or permanent residency may be subject to expatriation tax.

Exclusions

Taxpayers who maintain a tax home outside the US and its territories may be eligible to exclude all or a portion of their earned income from US taxable income.

Do not panic

If you receive a notice from the IRS, do not panic as most matters are resolved simply and painlessly. 

IRS Initial contact

Remember the IRS never initiates contact through email.

Period of records

Normally, tax records should be kept for three years. However, some documents such as records relating to a home purchase or sale, stock transactions, IRA and business or rental property should be kept longer