Australian Business and US Citizen
I just moved back to the States and I have a some questions.
If I were getting paid to my Westpac account in Australia and wiring it to my bank account here in the States just to pay myself will I have to pay taxes here? I been searching and i feel overwhelmed with a lot of information online. Also hearing that the first 75k i make is not taxable?
Is there an easier way to pay myself? Or will I have to keep wiring and converting?
Does anyone have experience with running a company while living abroad?
Thanks again for any answers 🤞
Posted Feb 2, 2021, 6:12 AM UTC
13
If you pay taxes in the us, are a citizen you must pay tax on all of your worldwide income. There are some international resiprocities agreements, i believe Australia and USA have such. You will need an international tax accountant to sort it out. I lived in Australia in the 90s as an expat. My company had an international accountant file tax in both Australia and in the usa for me. It was very complicated.
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Thank you for this. I will look into an international accountant. Hopefully its a bit easier given its 2021 🤞
If i remember correctly, the term is called tax equalization