The impact of US tax reform provisions on Australian super
Source: Taxation In Australia Journal Article
Published Date: 1 Apr 2018
With the ongoing talks between Prime Minister Malcolm Turnbull and US President Donald Trump on future US"Australian relations and partnerships, one topic has been conspicuously absent from the agenda: the topic of taxes " in particular, the US"Australia tax treaty. Australia is currently home to the sixth largest American population in the world and US expats living in Australia are still facing the prospect of having to pay US taxes on Australian superannuation contributions, accruals and distributions. Despite the ongoing advocacy by US expats to fix the tax treaty, there is still no apparent reference in the tax treaty that provides definitive guidance exempting contributions, accrual and distributions from US taxation. This article explores how the tax treaty in its current state fails to address and remedy the ongoing double taxation of Australian superannuation funds and is in dire need of updating since it first came into force 45 years ago.
Sorry, this is subscriber only content.
To gain access to this material and much more - Subscribe Now.
(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).
Already a Subscriber? Login now
Details
- Published By: Roy Berg, Marsha Dungog
- Published On:1 Apr 2018
The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.
Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.
The Tax Institute
(ABN 45 008 392 372 (PRV14016))
("TTI")
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
Copyright Statement
All materials provided on this site are protected by copyright and are owned by or licensed to TTI.
Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.
Tags
Share this page