US Expats in Australia
Your US CPA’s In Australia Based in Australia
Albert Einstein
Did you know?
Did you know that:
- 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.
- If you have aggregated bank accounts of $10,000 or more, you have a filing obligation to report these bank accounts.
- 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.
- 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
- 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
- Failure to file may result in penalties.