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Reporting Your Australian Superannuation Funds

Does your current tax professional understand the tax laws affecting Australian superannuation? This is a very complex and often misunderstood area of the US tax code. In some cases, your Australia retirement accounts could be considered a trust by the IRS, or a Passive Foreign Investment Company. Your retirement fund must be correctly reported on your US tax return. Heavy fines exist for those who fail to report correctly.

What is Australian Superannuation?

Superannuation is the Australian government retirement scheme. Australian citizens and expatriates with work or residence visas can make regular income contributions to their super accounts. These funds are then invested in a range of assets to earn returns. The funds can be accessed when the account holder reaches retirement age.

Reporting Super Funds

At US Global Tax, our extensive knowledge of the US tax system, as well as the respective Australian system, allows us to correctly report foreign retirement schemes, including Australian superannuation. If you're making regular contributions to your Australian retirement account and you're curious how they will impact your tax returns under United States codes, contact us today. We'll be happy to ensure your US tax returns are properly prepared and your super funds are appropriately reported. You can also learn more from our Frequently Asked Questions.

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