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The media has given a great deal of attention to the US Government’s proposed tax changes in recent weeks, including the one-off ‘deemed repatriation tax’. This tax was aimed at big businesses such as Apple and Google – but did you know that it may also capture US citizens who own more than 10% of a foreign company?

This one-off tax affects US citizens or green card holders with ownership in non-US companies that have retained earnings. The tax will be levied at 15.5% on any cash assets and 8% for any non-cash assets and is payable to the US Government within 8 years.

What does this mean for you?

If you have dual US citizenship or a green card and you own shares in a private company in Australia you may need to pay tax in the US.

Further to this, it became effective as at the date of the announcement on November 22, 2017, meaning there was no scope to mitigate the effects of this tax.

If you think this might affect you, please contact our office to discuss your personal situation in detail.

General Advice

The information provided by Bentleys (Sunshine Coast) Pty Ltd does not constitute financial product advice and is for general information only. It is written without taking into account any individuals personal objectives, situation or needs, and is not intended as professional advice. Any person acting upon such information without receiving specific advice, does so entirely at their own risk. Please contact your Accountant to discuss your personal situation before relying on this information.