International Tax
US Tax Attorney for Americans in Australia
Tens of thousands of Americans live and work in Australia, along with Australian permanent residents who are US Green Card holders. US tax obligations follow them to Sydney, Melbourne, and Perth. Australian Superannuation funds, local investment accounts, and ATO refunds all intersect with US reporting requirements in complex ways.
Key US Tax Issues for Australia
Australian Superannuation (Super)
Superannuation is Australia's mandatory retirement savings system. US treatment of Super is complex — it is not recognized as a pension under the US-Australia treaty in the same way as UK or Canadian pension plans. Super earnings may be currently taxable to US persons in some circumstances.
FBAR for Australian Accounts
US persons in Australia with Australian bank accounts, brokerage accounts, and Super funds exceeding $10,000 in aggregate must file annual FBARs.
Australian Investment Funds (PFICs)
Australian managed funds and ETFs are likely PFICs for US purposes. Without proper elections, gains are subject to the punitive excess distribution tax.
ATO Tax Refunds and US Reporting
Australian tax refunds are not simply free money for US citizens — they can affect the foreign tax credit calculation on the US return and must be treated correctly.
Common Questions
Is Australian Superannuation taxable in the US?
The US-Australia tax treaty does not provide the same pension deferral as the US-Canada treaty for RRSPs. Super income treatment depends on whether the specific fund qualifies as a pension plan under the treaty. An attorney should review your specific Super fund before making assumptions about US tax treatment.
Do I need to report my Australian bank accounts?
Yes. US persons with Australian financial accounts exceeding $10,000 in aggregate at any point during the year must file an FBAR by April 15.
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