US Expats in Australia | USTaxCentral Australia Pty Ltd

US Expats in Australia

Your US CPA’s In Australia Based in Australia

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Did you know?

Did you know that:

  1. 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.
  2. If you have aggregated bank accounts of $10,000 or more, you have a filing obligation to report these bank accounts.
  3. 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.
  4. 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.

Tax Highlights

  1. 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.
  2. 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

  3. Failure to file may result in penalties.