"parrisbraeside[at]yahoo.ca" <parrisbraeside[at]yahoo.ca> wrote:

- quote -

Personally, I doubt very much that you will find some one
who can do both US and Australian taxes. I've had a few
clients who have had to pay Australian taxes and it always
seemed to me that their rules were nearly as complex as US
rules. To find some one who can stay atop both systems is
expecting a bit much.

Unless things have changed recently, the differences start
with the filing dates. Australia uses a fiscal year, June
30; while the US is on a calendar year system. I know it
always presented a problem when trying to reconcile amounts
between Australian and US returns.

In my opinion, you need an Australian accountant to help
with Australian taxes and a US accountant to help with US
taxes. I can tell you that the US rules for expats are not
as simple as they may seem. Over the years, I have seen
many returns prepared by accountants not familiar with the
rules that included major mistakes.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

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<nickr...[at]gmail.com> wrote:
- quote -

Now you are asking about Australian taxes combined with US
taxes and that is beyond the majority of the people
frequenting this forum. I think you need to consult an
expert in Australian and US Taxes. While you'd prefer to
figure things out yourself, you will find that a basic
consultation with its hourly fee, may save you sufficient to
pay for the session. Figure out your questions and check
around locally. I don't know the going rate in your area but
I expect that you should expect about $100-250/h US.
Probably a little higher in AUS.

You may even find yourself someone who can do the tax
returns AND save you all of their fee PLUS save you time in
trying to find the answer.

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nickr <nickr...[at]gmail.com> wrote:
- quote -

Now you are asking about Australian taxes combined with US
taxes and that is beyond the majority of the people
frequenting this forum. I think you need to consult an
expert in Australian and US Taxes. While you'd prefer to
figure things out yourself, you will find that a basic
consultation with its hourly fee, may save you sufficient to
pay for the session. Figure out your questions and check
around locally. I don't know the going rate in your area but
I expect that you should expect about $100-250/h US.
Probably a little higher in AUS.

You may even find yourself someone who can do the tax
returns AND save you all of their fee PLUS save you time in
trying to find the answer.

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >

L K Williams <l...[at]loxinfo.co.th> wrote:
- quote -

So, If I have an accout with an australian mailing address
with a US broker and do this so I can trade certain
derivative contracts that US resients cannot becuase of SEC
and other rules, will I incur AU taxes as well as US for
capital gains and dividend and whatnot. I know I have a
four-year exculsion on dividends and cap gains from AU taxes
if those moneys are generated in the US. But does the simple
matter of my mailing address on a brokerage account obviate
the exclusion?

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nickr <nickr...[at]gmail.com> wrote:

- quote -

There is no tax advantage or disadvantage as American
citizens are taxed on their world-wide income.

In fact, moving your IRA will likely cause you to incur
early withdrawal penalty.

The brokerage account will not have the withdrawal penalty
but there will likely be service charges. You may get a
foreign tax credit for the account but you currently get one
on your Australian tax return anyway which you need to file
in (I think) August or Sept.

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"nickr" <nickravo[at]gmail.com> wrote:

- quote -


probably not

but you do get to 6/15 to file rather than 4/15 - if thats
what you mean by an advantage

___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] > > -----> real address on hobokeni or hobokenx <-----

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ickr <nickravo[at]gmail.com> wrote:

- quote -

No! In fact, it may complicate your situation.

Living abroad has no effect on the taxation of anything
except your salary or other "earned" income. The "Foreign
Earned Income Exclusion" is just that; it applies only to
earned income. So, your interest, dividends, and capital
gains or losses are reported just as you would if you were
living in the US.

But, if the balance in your brokerage account, plus and bank
accounts outside the US, exceeds $10,000 -- combined amounts
and at any time during the year -- you must file the Report
of Foreign Bank or Finincial Accounts -- Form TD F 90-22.1.

You may find it easier to deal with a broker locally but
there are no US tax advantages. There could be negative
effects on your Australian tax situation if you have your
account with a local broker, too.

Lanny K. Williams, CPA
Nawarat, Williams & Co., Ltd.
Income Tax Services for Expatriate Americans

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Should I change my brokerage accounts and IRAs to my address
in Australia, where I am living for two or three years? Is
there a tax advantage or disadvantage to capital gains,
dividends and investment income being generated by an
account domiciled abroad?

<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ------------------------------------------------------- >