Back9’s Managing Director, David Laanemaa, sits down with Advance to discuss “Understanding the Financials of Being Born Global”
In this interview, David addresses the financial, tax and cultural implications of living and working globally particularly in relation to the US and/or Australia. Here are a few of the highlights from the interview:
“People are expanding at a far greater rate in terms of globalising their affairs and spreading themselves and assets over many countries. That brings a plethora of financial and tax issues.”
“Americans have a very distinct set of issues that citizens from other countries do not have, namely reporting requirements to the IRS. For instance, if you’re an Australian living in the United States, and provided that you are not earning income in Australia, you are not required to file Australian taxes. On the other hand, if for instance, you are you’re an American living outside the US, under age 65 and single, and earn $10,400 or more, you must file a US federal tax return declaring your worldwide income – no matter your residence.”
“It’s not just filing your taxes. For instance, if you have a green card and you’re living in the US (or an American expat living abroad), you must report any foreign bank accounts you have that exceed $10,000, cumulatively. And that seems like such a small thing but it is often overlooked.”
Advance is an initiative supported by Australian Government funding that seeks to provide connections, advice, ideas and support to empower global Australians to fulfil their potential.
This material has been prepared for informational purposes only, and is intended for general information purposes only and should not be used as a substitute for professional advice. It has been prepared without taking into account your objectives, financial situation or needs. Before acting on this advice you should consider the appropriateness of the advice, having regard to your own objectives, financial situation and needs.
Back9 Capital Management Pty Ltd disclaims all and any guarantees, undertakings and warranties, expressed or implied, and shall not be liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or incidental or consequential loss or damage) arising out of or in connection with any use or reliance on the information or advice on this site. The user must accept sole responsibility associated with the use of the material on this site, irrespective of the purpose for which such use or results are applied. The information on this website is no substitute for financial advice.