Murphy Tax Lawyers and Advisors

Looking forward to joining Apt Wealth Partners and John Versace CFP® to discuss the US and Australian tax and financial implications of investing in property, shares and more.

Please register for the webinar below on 5 June.

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Property and other investments require unique considerations for Australian and US expats. Join us on 5th June (Australia) and 4th June (US) as we discuss the tax implications for expats across property, shares, and more.

Hosted by experienced financial adviser at Apt Wealth Partners John Versace CFP®, leading expat tax advisor and tax lawyer Bradley Murphy, and US tax specialist Khandra Wong, this webinar will explore:

• Tax implications for US/Australian property ownership and shares
• Potential investment strategies to navigate US/Australian tax systems
• Financial considerations on building your investment portfolio

Register now to secure your seat.
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Australian and US tax webinar- Retirement Planning for US and Australian residents.

We recently joined John Versace CFP® to discuss the Australian and US tax planning considerations for retirement including 401k/IRA and superannuation.

Please find a copy of the webinar outlined below.

Apt Webinar - Retirement Planning

We are hiring!- If you are looking for an opportunity in the Australian international tax/expat tax space and have some Australian international tax experience, please get in touch for a chat.

Tax Implications of transferring a UK Pension to Australia.

Tax implications of transferring a UK Pension to Australia We consider the tax implications of transferring a UK Pension to Australia.

Section 99B and Foreign Trusts- how does it apply to Australian Expats?

Section 99B and Foreign Trusts- How does it apply to Australian Expats? We consider Section 99B and what it means for taxpayers who reside in Australia with an interest in a foreign trust.

https://www.murphytax.com.au/us-expats-and-the-tax-implications-of-withdrawing-your-us-retirement-plans-401k-ira-in-australia/

US Expats and the tax implications of withdrawing your US Retirement Plans (401k, IRA) in Australia

https://www.youtube.com/watch?v=nRa52EuBhQw

Relocating to the US? Our latest webinar considers the Australian and US expat tax issues in relocating to the US.

Relocating to the US as an Australian citizen Relocating to the US as an Australian citizen? Whether you’re expanding your business operations, accepting a job offer or following a loved one, there are a...

https://www.linkedin.com/posts/bradley-murphy-67123019_expattaxes-sarp-globalmobility-activity-7064356500755877888-eVCl?utm_source=share&utm_medium=member_desktop

Irish and Australian Expat Tax Issues

Bradley Murphy on LinkedIn: I recently spoke with Stephanie Wickham of Expat Taxes in Ireland to… I recently spoke with Stephanie Wickham of Expat Taxes in Ireland to discuss some of the important Australian and Ireland international tax considerations.

Are you a US Expat with an Australian Property?

While from an Australian tax perspective, generally a sale of your Australian main residence will be exempt from an Australian tax. Importantly, to qualify for the Australian main residence exemption, the Taxpayer must be an Australian tax resident at the date of sale. Non-residents of Australia no longer qualify for the main residence exemption.

However, for US Citizens and US Green Card holders, it is also important to consider the US tax consequences on sale of Australian property as the situation may arise where although there is no Australian tax liability, a US tax liability may exist. Appropriate tax planning is recommended.

US taxpayers may exclude up to $500,000 ($250,000 if filing separately) of gain realized on the sale of their principal residence.

In order to use the exclusion, the taxpayers must have owned and used the home as principal residence for at least two years out of the five-year period immediately prior to the sale. These are known as the “Section 121” rules.

It is important to note that the Section 121 exclusion is not available against the portion of the gain associated with
rental (“nonqualified”) use.

It should also be noted that gain related to prior year depreciation deductions is also subject to tax at the time of sale.

Any taxable gain is subject to US tax at long term capital gain rates, which will range from 15-20% depending on your other income in the year of sale. A credit will be given for any Australian tax paid on the sale of home.

Net investment income tax (also known as the Obamacare tax) of 3.8% may apply to the taxable gain as well.

Please do not hesitate to get in touch with any Australian and US tax questions

Tax Considerations for US and Australian Expats

In this video, we explore some of the key tax issues for US Expats relocating to Australia.

https://www.youtube.com/watch?v=4JXcMhAwkns

US and Australian Expat Tax- Tax Considerations for US and Australian Expats Expat Tax Issues for US and Australian Expats. This video explores some of the key tax considerations for US expats relocating to Australia.In this series, w...

Bali is proposing to introduce a new Digital Nomad Visa for 5 years for remote workers.

We have considered some of the tax considerations below.

https://www.murphytax.com.au/new-bali-digital-nomad-visa-tax-considerations/

New Bali Digital Nomad Visa- Tax Considerations - Murphy Tax Lawyers & Advisors Bali Digital Nomad Visa Tax

Following the easing of Covid-19 restrictions, we are seeing many Australian expats return overseas.

It is important to consider the Capital Gains Tax implications of ceasing to be a tax resident of Australia. The article below considers the implications of ceasing to be a tax resident in more detail.

https://www.murphytax.com.au/international-tax-australian-tax-implications-of-ceasing-to-be-an-australian-tax-resident/

International Tax: Australian tax implications of ceasing to be an Australian tax resident - Murphy Tax Lawyers & Advisors Australian Capital Gains Tax (CGT) implications of ceasing to be an Australian tax resident

Are you a US or Australian expat that requires integrated and personalised US and Australian tax advice or joint US and Australian tax returns?

We are well placed to help. Please reach out to us for an initial consultation.

We provide US and Australian expat tax advice for United States and Australian expats. With the tax year coming to an end, please get in touch with us to discuss your US and Australian expat tax requirements tailored to your situation.

In a positive development, the ceasing employment taxing point under the employee share scheme rules is to be removed for new and existing ESS interests.

https://www.murphytax.com.au/employee-share-scheme-ess-taxing-point-on-ceasing-employment-removed/

Employee Share Scheme (ESS) Taxing Point on Ceasing Employment Removed - Murphy Tax Lawyers & Advisors Removal of Employee Share Scheme (ESS) ceasing employment

The ATO has released updated guidance in relation to Covid-19 and tax residency.

https://www.murphytax.com.au/update-covid-19-and-tax-residency/

Update: Covid-19 and Tax Residency - Murphy Tax Lawyers & Advisors Australian tax resident and Covid-19

Murphy Tax Lawyers and Advisors updated their phone number.

Murphy Tax Lawyers and Advisors updated their business hours.

Murphy Tax Lawyers and Advisors updated their address.

Australian expats should be aware of the CGT implications when using an Australian discretionary trust to hold Australian assets- for example shares in Australian companies.

https://www.linkedin.com/posts/bradley-murphy-67123019_greensills-58m-tax-loss-a-worry-for-ex-pats-activity-6808727633216585728-GfWo

Bradley Murphy on LinkedIn: Greensill’s $58m tax loss a worry for ex-pats Australian expats should be aware of the CGT implications when using an Australian discretionary trust to hold Australian assets- for example shares in...

Australian expats will need to consider the proposed new residency rules carefully. The impact of the relevant Double Tax Treaty will be even more important to consider.

https://www.murphytax.com.au/proposed-new-tax-residency-rules-federal-budget/

Proposed New Tax Residency Rules- Federal Budget - Murphy Tax Lawyers & Advisors New Australian tax residency rules announced in the Federal Budget.