3 days ago
- Business
- AU Financial Review
Costly tax traps for dual Australia-US citizens
Dear Ms Wise, I hold dual US and Australian citizenship as my father is American. I was born and raised in Australia but am worried about my tax situation in the US, particularly as we are going there on holiday soon. As a US citizen, I am supposed to have started filing tax returns in the US since age 25, but didn't. Colin
The wisdom: The key issue, says US tax specialist Tameron McDougall, founder of AmTax in Melbourne, is that although most US citizens working in Australia may not ever have to pay tax in the US, they can face big penalties for failing to file a US tax return each year.
