Moving to the US for Aussies: Chapter 10

Everything you wanted to know about Expat Filing Requirements – but were afraid to ask!

Many Australians are still coming to grips with the US Tax Code as well as Expat filing requirements.  You may feel confident in filing your first E-3 visa, but first time tax filers should seek an “Australian Friendly” US accountant to make sure you have all of your bases covered.

The US Tax Code is complex, and made even more complex for Australians who have foreign income and financial accounts outside of the US. 

This chapter is not a “How – To” on filing a US tax return, but rather an insight on the additional complexity for Australians who are subject to US filing requirements. 

Tax Day” in 2018 is April 17

The US Tax Code is an incredibly complex document, made more complex if you are an Expat.  Typically, if a US Citizen has a need to hold financial accounts outside of the US, he or she will have a team of accountants managing the legal and taxation requirements.

Unfortunately for Expats who meet the Substantial Presence Test they become subject to certain US filing requirements, and failing to file can lead to devastating fines.

To assist our members, a podcast was recorded to first establish who is subject to US filing requirements, set the record straight on FBAR filings, as well as highlight some common tax missteps often made by expats.

Peter Harper who is a Managing Director with CST Tax Advisors, a leading International tax advisory, recorded a 21 minute podcast with The Australian Community that discusses:

  • What is the Substantial Presence Test?
  • FBAR – Who has to file?
  • Superannuation – Do I need to include it in my FBAR?
  • Other filing requirements for Expats.
  • Common US tax missteps made by Australians.

Click the link below to listen to the podcast.

New Due Date for FBARs | FinCEN.gov

The new annual due date for filing Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts is April 15.

This date change was mandated by the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015, Public Law 114-41 (the Act).  Specifically, section 2006(b)(11) of the Act changes the FBAR due date to April 17 to coincide with the Federal income tax filing season.

The Act also mandates a maximum six-month extension of the filing deadline.  To implement the statute with minimal burden to the public and FinCEN, FinCEN will grant filers failing to meet the FBAR annual due date of April 15 an automatic extension to October 15 each year.

Accordingly, specific requests for this extension are not required.  (Please note: The due date for FBAR filings for foreign financial accounts maintained during calendar year 2018 is April 17, 2018, consistent with the Federal income tax due date.)

Members can access our knowledgebase by logging into our Private Social Network.

Click Here to read Chapters 1 & 2 of Moving to the US for Aussies 

Click Here to Read Chapter 11: Expat Mistakes and Social Media

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