Tax Issues for US-Expats to be Aware of
All US expats must now annually notify the Treasury Department if the value of their foreign financial accounts exceeds $10,000 in aggregate.
If you are a US expat, you cannot afford to miss this very important webinar.
29th May: 12.30pm-1pm AEST
The approximately 200,000 American expats currently residing in Australia must not only file tax returns in Australia, but also in their country of origin. The United States is one of the only countries in the world to impose an income tax on its citizens’ worldwide income. Libya, North Korea, Eritrea and the Philippines also have similar policies for their citizens. However, the tax systems of these countries are not as developed as that of the US and their government has limited access in collecting the necessary data to enforce such a strict tax law. Now with the stringent banking requirements for Americans with foreign financial accountants through the Foreign Account Tax Compliance Act (FATCA) legislation, there seems to be very few places left on earth for Americans to run and hide their money from the cross-border authority of Uncle Sam.
The Bank Secrecy Act has created a mandate for US citizens residing abroad. All US expats must now annually notify the Treasury Department if the value of their foreign financial accounts exceeds $10,000 in aggregate. The values of these accounts are then filed by submitting a form known as the F-Bar (Foreign Bank Account Report/s). Foreign financial accounts include foreign branches of US banks, but not US branches of foreign banks. So an American living in Sydney or Melbourne who thinks they do not have to complete the F-Bar just because they have their Australian Dollars in a Citibank account are sadly mistaken.
The F-Bar is just a reporting statement; American expats do not necessarily have to pay any tax on the money in their bank account, unless they earn any interest on their deposits.
Which leads to another point, how much income tax do US citizens actually have to pay on their global income?
REGISTER NOW for this very important webinar.
Presented by: WSC Group