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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Featured Profile
Andrew Gregory
CHIEF ADVICE OFFICER
UNISUPER
UNISUPER
After 25 years, Andrew Gregory remains motivated by the impact financial advice can have on Australians' lives. As UniSuper's chief advice officer, he is not slowing down on any of his current ambitions. Matthew Wai writes.
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.