Complimentary seminar presented by: Roy A Berg JD, LLM (US TAX), Marsha-Laine Dungog JD, LLM (US TAX) and Alexander Marino JD, LLM (US TAX)
The United States imposes taxes on the income and assets of its citizens regardless of where they live. Recent initiatives by the Internal Revenue Service to enforce expanded tax reporting obligations of US expats abroad have resulted in burdensome tax reporting consequences, particularly because it involves the preparation and filing of several years of US tax returns that have never been filed, along with taxes, interests and penalties.
US expats in Australia have experienced the financial consequences of US tax compliance more acutely than expats in other countries. This is largely attributable to US tax laws which require them to report their ownership interests in certain foreign financial assets under the Foreign Account Tax Compliance Act (“FATCA”) and in Australian Superannuation funds (the Super).
As a result, many US expats in Australia are considering the option of renouncing their US citizenship to avoid the unduly harsh reporting requirements under US tax laws. Renunciation of US citizenship, however, is not so easily attained. The enactment of FATCA and US Exit Taxes have made it increasingly difficult to renounce US citizenship for the “right reasons” and avoid any negative consequences.
It is essential to ensure that you renounce properly. If not done correctly, you may be subject to the US Exit Tax or barred from ever entering the US again. All evidence suggests that now may be the time to consider renouncing, however, the process can be complex and daunting.
On Monday August 22, 2016, Moodys Gartner Tax Law will present a complimentary seminar on the main topics of interest in consideration of Australian Superannuation funds and renouncing your US citizenship, including:
- US taxation of the Australian Superannuation fund
- Pros and cons of renouncing US citizenship
- Avoiding the US Exit Tax
- How to avoid becoming barred from the US
Date: August 22, 2016
Time: 4 p.m. – 6 p.m. AEST
Novotel Brisbane (Paterson Room)
200 Creek Street, Brisbane QLD
+ 1 403.693.5100
Please register by Thursday August 18, 2016. Seminar subject to capacity.