U.S.-Australian Dual Taxation Issues: Superannuation Funds, Mortgage Offset Accounts, and the U.S.-Australia Tax Treaty

Note: CLE credit is not offered on this program

A live 110-minute CPE webinar with interactive Q&A


Thursday, December 3, 2020

1:00pm-2:50pm EST, 10:00am-11:50am PST

Early Registration Discount Deadline, Friday, November 6, 2020

or call 1-800-926-7926

This webinar will provide tax advisers filing returns for clients taxed in both Australia and the U.S. with an explanation of reporting requirements and tax obligations in both countries. The panel will discuss treaty provisions, relief from dual taxation, residency determinations, and how to mitigate overall taxes paid.

Description

Unique to Australia is the availability of mortgage offset accounts (MOAs). To the extent an Australian national funds an MOA, they pay no interest on their home mortgage. Some taxpayers take the position that this is, imputed, qualified residential interest under IRC Section 163(h) that is deductible as mortgage interest in the U.S.

Also unique to Australia is its superannuation funds (supers). The tax treatment of these funds is perplexing. They are similar to U.S. Social Security income and retirement income but do not fit neatly into either category. Opinions vary on the U.S. tax treatment of supers. Practitioners struggle with the income taxation of supers, not wanting to subject clients to unnecessary taxation but wanting to steer clear of preparer penalties. Both MOAs and supers are subject to FBAR and FATCA reporting requirements in the U.S.

Taxpayers with a presence in Australia and the U.S. must consider the residency rules in both countries, the taxation of real property and investments in each, and the availability of treaty relief from dual taxation. A thorough analysis of the U.S.-Australian Income Tax Treaty is necessary to understand what is subject to tax in each country.

Listen as our panel of experts provides a comprehensive review of the tax issues confronting U.S.–Australian taxpayers, and how to circumvent or lower taxation in both countries.

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Outline

  1. The U.S.-Australia Income Tax Treaty
  2. Residency determinations
    1. Australia
    2. United States
  3. Types of income and taxation
  4. Australian superannuation funds
  5. Mortgage offset accounts
  6. Dual taxation relief
  7. FATCA and FBAR reporting
  8. Other planning steps

Benefits

The panel will review these and other vital issues:

  • Who is a U.S. resident and subject to U.S. individual reporting requirements?
  • What is an Australian mortgage offset account?
  • What is an Australian superannuation fund?
  • What Australian accounts are subject to U.S. foreign reporting requirements?
  • What relief is available to offset dual taxation?

Faculty

Kennedy-C. Edward
C. Edward Kennedy, Jr., CPA, JD

Managing Director
C Edward Kennedy Jr

Mr. Kennedy has more than 36 years of experience dealing with a variety of international tax matters, specializing in...  |  Read More

McCormick, Patrick
Patrick J. McCormick, J.D., LL.M.

Partner
Culhane Meadows Haughian & Walsh

Mr. McCormick specializes in the areas of international taxation, tax compliance, and offshore reporting...  |  Read More

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