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Voluntary disclosure options for US taxpayers with Australian assets
Published on 01 Mar 17 by "THE TAX SPECIALIST" JOURNAL ARTICLE
Globalisation, multinational corporations and an increasingly mobile workforce have exposed a need for global tax transparency. Those who have had to deal with the United States tax system may be aware that this sentiment holds strongest with the US. The US foreign tax reporting laws carry severe civil and criminal penalties for non-compliance, imposing hefty fines even where a taxpayer has acted unwittingly. With the number of US taxpayers living in Australia and Australians moving to the US or establishing a US presence, the need to remain internationally tax compliant is becoming more critical. This article will explore the US foreign reporting framework against the OECD’s Common Reporting Standard, the Foreign Account Tax Compliance Act (US), the Internal Revenue Service’s tax amnesty programs and the Offshore Voluntary Disclosure Program. This article also outlines what options are available to taxpayers who are in non-compliance, either wilfully or non-wilfully.
Author profiles
Peter Harper
Peter is the CEO of the Asena Group, a multi-family office. He has spent most of his career advising foreign-owned, privately held businesses and family offices on global structuring and US inbound investment. Peter's core focus is extracting value for family offices, and he believes in a “stakeholder framework” to corporate taxation. The “stakeholder framework” encompasses the development of a tax strategy that facilitates value for families, rather than for the portfolio companies that they invest in or manage. - Current at 20 April 2020
Jurate Gulbinas
Jurate holds a Bachelor of Literature degree, a Masters of Business Administration from the National University in San Diego, and a Master of Science in Taxation from Golden Gate University in San Francisco. She also received a Certificate in International Taxation from Golden Gate University. Jurate specialises in cross-border tax and compliance issues for both individual and business clients. Jurate is a member of the American Society of Public Accounts, the California Society of CPAs, and the Accounting and Financial Women’s Alliance.Current at 1 March 2017
Aman Mullee
Amanvir is an Australian tax lawyer and an expert in US–Australian cross-border tax issues. Amanvir has experience working on complex international M&A transactions in his previous position in deal advisory tax for a Big 4 accounting firm. Amanvir has completed his CTA level 2 and is a qualified solicitor in New South Wales. Amanvir specialises in advising privately held businesses on international tax issues, and entrepreneurs and executives on the taxation impact of relocating between the US and Australia. Amanvir has advised listed companies, entrepreneurs and family offices on a broad range of international tax issues, including to income tax, capital gains tax and estate planning.Current at 1 March 2017
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