Superannuation 2018

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.

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Superannuation 2018

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