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US Tax Advice in Australia

US Tax Advice and Services in Australia

US citizens or permanent residents (green card holders) remain liable for taxation on their worldwide income, regardless of where they are resident, and must file a US Income Tax Return (ITR) every year if they have a filing requirement. Generally, returns must be filed by April 15 of the following year, although citizens and green card holders who are resident outside the US, for example in Australia, are entitled to submit their returns up to two months later (June 15).

While an extension is possible, note that taxes must all be paid by April 15, or you may be assessed an interest penalty. Additionally, US citizens and permanent residents living outside the US will also often need to submit FBAR and FATCA returns on an annual basis and significant penalties can apply for late or missing submissions.

As indicated above, the usual deadline for filing US taxes as an American expat is June 15, but due to the Covid 19 pandemic the IRS has stated that the US tax deadline is now July 15 for all taxpayers. This goes for both filing and paying US taxes from abroad. An option also exists for a further extension to October 15, but that requires you to fill out a specific form:, IRS Form 4868.

Exfin provides access to US tax advisers based both in Australia and the US; with choice of the most appropriate adviser being largely being dependent on the complexity of the required advice. Inquiries focussed mainly on meeting compliance requirements can normally be dealt with in Australia, and we have an adviser who is also able to prepare both US and Australian tax returns. This approach can be very efficient, as the client does not have to prepare supporting material for two advisors, and it means that their tax affairs are often more effectively managed because the advisor has access to "both sides of the equation".

Most American expatriates and US permanent residents (green card holders) in Australia will often have little or no liability for US tax unless their situations are unusual, or capital gains are involved, as a consequence of the availability of foreign tax credits and the foreign earned income exclusion. Ensuring the proper completion of annual US returns is consequently largely a compliance activity, albeit an important one, in most situations.

However, where the advice required extends significantly beyond personal compliance matters into more complicated areas, involving for example corporate, trust or estate matters, providing advice will often involve both Australian and US tax advisors working in conjunction. This is a very common occurrence and all advisors are experienced in working together to provide integrated advice, and obviously have a working familiarity with the US/Australia double tax agreement and providing advice to both Australian and US citizens.

The fees applying for the completion of returns, or specific tax advice, are driven fundamentally by the complexity of the work required, and you will be provided with a fixed quote in advance of any work being carried out. Please complete the Inquiry form below should you wish to access US tax advice - we respond promptly to all inquiries.

If you would like to arrange professional advice please complete the Inquiry form below providing details and you will be contacted promptly.

IMPORTANT: The material contained in this website and other associated communications is only intended as general, background information and must not be relied upon. No warranty is provided in relation to any material or to the services that may be contracted through exfin.com. It is recommended that individuals seek the advice of qualified professionals before taking any action.