Taxation of Australia Superannuation Retirement: Golding & Golding Board-Certified Tax Specialist

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The Taxation of Australian Superannuation  

One of the most complex aspects of international tax law is trying to apply foreign income tax rules and laws to the United States Tax Code. This becomes a major problem in matters involving pensions and other types of retirement plans sourced in a foreign country. That is because, in a foreign country, the income is usually tax-exempt – or subject to a reduced tax rate. In addition, in most foreign countries the employer contributions are pretax, and the taxpayer does not become subject to income tax until they begin receiving distributions from the foreign pension plan.  While the taxation of Australian Superannuation is very complicated, it is only one part of the US compliance equation. Therefore, in addition to summarizing the tax implications of a super, we have developed additional resources specifically for reporting a superannuation (FBAR, FATCA, 3520) and understanding how the US/Australia Tax Treaty applies to Australian superannuation. Let’s dive in and explore the basics of the Australian Super and US tax rules.

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