FATCA discussions welcomed by FSCBY BEN COLLINS | THURSDAY, 8 NOV 2012 11:05AMFormal discussions on an intergovernmental tax agreement were welcomed yesterday by the Financial Services Council. |
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Matt Gaden
HEAD OF AUSTRALIA
JANUS HENDERSON INVESTORS (AUSTRALIA) LIMITED
JANUS HENDERSON INVESTORS (AUSTRALIA) LIMITED
Helping investors traverse financial markets and build their wealth during the peaks and troughs is Janus Henderson Investors head of Australia Matt Gaden's game plan. He tells Karren Vergara why in this long game of investing, active management wins.
I am also not sure that how many people are unaware that income from pensions and superannuation funds held by US citizens in Australia are taxable in the US. Even if the funds were entirely funded by Australian earnings.
How do we get superfunds to issue reports on a calendar year basis? Statements straddling two financial years are difficult, if not impossible, to produce, but without them we tax preparers will have to require clients to give us both years of statements, then we have to go through every single transaction, convert the currency and add it all up to go on the tax return. This will make even a simple wage earner return take an estimated 20-30 hours to complete. The fees required to cover costs will make compliance a VERY expensive necessity for taxpayers.