FATCA and Australia – Part 1 of 2
January 2020: This thread continues at FATCA and Australia – Part 2 of 2.
Let’s Fix the Australia/US Tax Treaty! The Australia/US tax treaty needs urgent revision to prevent double taxation. Get involved at www.FixTheTaxTreaty.org
Posts on The Isaac Brock Society website concerning FATCA and Australia
For articles on other websites, see Media and Blog Articles
For general discussion of FATCA, see FATCA Discussion Thread
For links to some websites and contact info (government, organisations, tax information), see Australia Information Links
25: John Richardson and Karen Alpert Session in Brisbane Australia Oct 25, 2018
August 2018
01: U.S., U.K., Canada, Australia and Netherlands form international tax enforcement group
January 2018
July 2017
March 2017
13: What Lessons Can Be Learned from the Sad Stories of “IRS Compliant” Australians Shaun and Mary?
November 2016
30: “Solving U.S. Citizenship Problems” – Online January 9, 2017 (Australia)
August 2016
25: Let’s Fix the Australia/US Tax Treaty!
May 2016
15: Australia: Dealing with Superannuation
February 2016
19: #Australia funds America’s #FATCA #Ethnic Identification System
September 2012
27: Last Day to make a FATCA submission to the Australian Govt
August 2012
28: Australian Government wants YOU to tell them what to do about FATCA
July 2012
20: Australian Financial Services Council lobbies Washington for FATCA exemption
Resolves declared that Americans possessed the same rights as the English, especially the right to be taxed only by their own representatives
The Stamp Act, however, was viewed as a direct attempt by England to raise money in the colonies without the approval of the colonial legislatures. If this new tax were allowed to pass without resistance, the colonists reasoned, the door would be open for far more troublesome taxation in the future. TROUBLESOME
What America was based on
Resolves declared that Americans possessed the same rights as the English, especially the right to be taxed only by their own representatives;
Anyone else want to help?
carmelanpolce@gmail.com
Dear Jak,
Thank you for responding.
I have copied Carmelan Polce on this email who is helping form the Residence Based Task Force.
I hope the two of you will be in touch soon.
Carmelan Polce. Chair, DA Lion City Committee. HP: 9380 1084. carmelanpolce @gmail.com …
@JakDac What is this about? Democrats Abroad Singapore Residence Based Task Force ? As in RBT replaces CBT?
“volunteer@democratsabroad.org”
subject: In Australia how can I help reResidence-Based Taxation Task Force – All regions
Democrats Abroad Wants Your Help!
Democrats Abroad has over 20 global caucuses, committees and task forces to address issues that affect all Americans and Americans living abroad as well as keep our organization running. Regardless of where you live there is a caucus, committee or task force that needs your talent and dedication. This is the time to join fellow Democrats and be a part of something that matters.
We need writers, graphic artists, the Internet savvy, good communicators, researchers with analysis skills, travelers for periodic visits to Washington DC to meet with legislators, members with a willingness to reach out to fellow Democrats, and those with a good sense of humor (not necessarily all of the above in the same person). Here’s the short list of who needs you and the geographic location:
Fundraising Committee – All regions
IT Committee – Asia Pacific
FBAR (Report of Foreign Bank and Financial Accounts)/FACTA (Foreign Account Tax Compliance Act) Task Force – Asia Pacific and Americas
Taxation and Regulation of Investment and Retirement Savings Task Force – All regions
Residence-Based Taxation Task Force – All regions
LGBT Caucus – All regions
Women’s Caucus – All regions
Youth Caucus/ Young DA – All regions
HR-3078 (The Commission on Overseas Americans, (formerly HR-597) – All regions
Don’t stand on the side lines. Be part of the action! Email us for more information. Your willingness to help can make all the difference when it comes to making sure our voices are heard and that Democrats are elected in 2016.
Volunteer Now
@JakDak
As our good friend Admiral Ackbar once exclaimed:
@Deckard1138 Good resume you got the job (graphic artists, the Internet savvy)
https://americansabroad.org/files/9614/4356/6389/same-country-exemption-letter.pdf
Many Congressmen signatures but I believe my Super and house will still be taxed by the IRS correct
@Jak Dac correct & Same Country Exemption does not extend to FBAR and FBAR penalties. One might image/hope “same country exception” would exempt retirement funds, house, etc. and high levels of income exemption. Nope.
Hopefully we will get updates I have asked
I’m afraid the positions on RBT Task Force are all filled. We suspect, however, that some will established they don’t have the time or inclination to serve and will fall away.
Can I keep you my “reserve list” of volunteers for such purpose?
Apologies that I we can’t accommodate you. As noted previously, the response for volunteers was enormous!
Best
Carmelan
carmelanpolce@gmail.com
Filing US taxes in Aussie (Any email address will do)
http://www.greenbacktaxservices.com/tax-webinars/filing-australian-and-us-tax-returns/?utm_source=Email&utm_medium=Australian_Services&utm_campaign=Oct_Aussie_Webinar_Promo
Where can we get updates on actions ?
Cheers,
JakDac
Carmelan Polce
Once the TF is off the ground there will be a dedicated webpage on the DA website where regular updates will be published. DA is building a new website so by the time this TF has an update, the new website will be in place (target Nov 2015 for new website launch).
It will be interesting to see what direction the DA RBT task force takes. I have to admit I’m rather suspicious that they will take a good idea and find some way to cripple it into uselessness, like the FATCA TF did with Same Country Exception, all in the name of finding some way to distinguish themselves from the Republicans Overseas stance. But I’m willing to be pleasantly surprised.
Hi –
I am looking for some sensible and experienced US tax agents who live in Australia. JakDac has suggested I come over here for some recommendations! I have already approached one of the big multinational accountancy firms (seem very thorough, but want to charge me $20,000), and then an independent agent who seems reasonable, but I have nothing to go on.
Thanks!
OK how do I contact you ?
Skype/ email?
JakDac
@Sleepless
And therein lays the problem. There’s not a lot of options for US tax service industry readily available in Australia, and it can be expensive to double filing. We were quoted $80 to $100k, ridiculous.
Unsure of your US connections or requirements but better off for Long term permanent residents status investing time and money in renouncing or, relinquishing and cutting ties with the beast.
I found my guy through the US Embassy website. Here’s the sheet:
http://photos.state.gov/libraries/australia/5/Tax/TaxConsultants.pdf
Hope this helps.
TJ
@Sleepless If you put a big target on your back and say IRS here I am tax and penalize me with help of compliance firm, then you will become a target, be treated as a tax cheat, and you will pay. The compliance industry knows nothing but to comply and could not fathom and not recommend ye ole ‘soft compliance’ means you just start filing. I am thinking you only know part of the compliance requirements. Once you start finding one thing, it leads to another etc. Superannuation is an “unqualified pension fund”, surprise, and Australian government oblivious. You might look at some of my letters earlier in this thread. I was wrong on the inheritance tax and that is $5 exemption allowed for spouse, and US law allows $US100,000+ gift per year to spouse – to help reduce the size of you and your accounts as a target.
$5,000,000 exemption.
Relate to Expats
Did ACA update their data ?
https://americansabroad.org/issues/taxation/
Bubblebustin commented on Media and Blog Articles Open for Comments – part 2 of 2.
in response to Petros:
This is a continuation of the Media and Blog Articles Open for Comments thread (part 1 of 2). Part 1 covers up until 26 May 2015. If clicking on a comment link brings you to the wrong page, click here to get on the most recent page of comments. (alternatively, the most recent page […]
WHOA, compliance condor on steroids here, AND they’re trying to lure people in with the now defunct Obama accidental American budget proposal. I’ve never seen anything like what Collins Barrow is doing here.
http://www.collinsbarrow.com/en/cbn/publications/info2-clarify-your-cross-border-tax-obligations?utm_source=Mondaq&utm_medium=syndication&utm_campaign=inter-article-link
Reply Comments
to :
rolley.chip@abc.net.au
Maybe use this re US Expats
The real benefit of stripping citizenship
http://www.abc.net.au/news/2015-02-26/shanahan-the-real-benefit-of-stripping-citizenship/6261788
How to Lose Friends, Citizens and Influence
http://www.wsj.com/articles/SB10001424127887323848804578607472987119796
Let’s find another way to crack this nut.
Sent to many and Senate Committee
Brings out the facts
Dual citizens
No upside in our tax position.
Required to file in both countries
Pay taxes where the taxes are highest
Can take none of the tax advantages either country has to offer.
This type of taxation is particularly destructive
Forces honest people with affection for their ties to America to either keep quiet or spend potentially thousands of dollars and may owe no U.S. taxes.
Forces them to give up their U.S. citizenship. \
Turning millions of “good will” ambassadors into “bad will” ambassadors.
Good for America?
http://www.wsj.com/articles/SB10001424127887323848804578607472987119796