I’ve lived and worked in Australia for 20 years and am a dual citizen. I own my own small business (a Australian corp entity) and have set up a family trust that disperses the profit from my business to myself and my wife. This was my Aussie financial advisors best suggestion for legally lowering my tax liability as our taxes are higher down here. How is that going to impact my US taxes as apparently there are issues with ‘foreign’ trusts….but I AM the foreigner that opened the foreign trust, and I have been Australian for tax purposes only for 20 years… Advice?
Whilst all reasonable care has been taken in the preparation of this publication, the owner of Expatinfodesk.com does not accept any responsibility for any loss suffered by any person acting or refraining from action as a result of relying upon its contents.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.