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. |
Editor's Choice
Praemium's new leadership toughens earnings yardstick
Praemium's new leadership will be keeping a close eye on costs, with new chief executive Denis Orrock noting he will make sure the technology upgrade underway translates into stronger earnings and better returns for shareholders.
Australian Ethical FUM drops by $70m
Australian Ethical saw a net outflow of $100 million in its investment business in the first quarter of the financial year.
Perennial expands wholesale offer for pre-IPOs
Perennial Partners is launching a new strategy for wholesale investors to capitalise on global pre-IPO opportunities, requiring a minimum investment of $100,000.
Macquarie wealth investment chief to depart
Macquarie chief investment officer for wealth will take on a new role at a New Zealand-based investment management firm after serving in the position for close to three years.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
David Sharpe
CHAIRMAN
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
A family man, business owner, cricket fanatic and financial adviser, David Sharpe has many facets. One of his biggest legacies, as he steps down as chair of the Financial Advice Association Australia, is leaving the profession stronger than he found it.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
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.