Скачать или смотреть FBAR & FATCA Australian Superannuation - 2020 Reporting a Super on FinCEN Form 114, Form 8938 & 3520

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FBAR Australian Superannuation & FATCA Form 8938

While the specific tax rules involving the United States, IRS and Superannuations are not yet concrete -- the FBAR reporting rules are pretty clear. The Super is an account for FBAR purposes (simply because neither the IRS nor FinCEN have excluded the Super from reporting).

Therefore, if the balance in the Superannuation (or aggregate balances of all superannuations and other accounts owned by a filer) exceeds $10,000 -- then all the Supers must be reported on the FBAR. If the FBAR is filed late, incomplete, or just not filed at all, there may serious FBAR penalties issued.

These penalties can be reduced and even avoided by applying to one of the FBAR Amnesty programs, before the IRS finds you first.

Additional reporting forms may include:

FATCA Form 8938
PFIC Form 8621
Form 720 Life Insurance
Less Common Super Tax Treatment Issues

These issued involving superannuations are less common, but equally important:

Superannuation Treatment as a Foreign Grantor Trust

Generally, a Superannuation is not going to be classified as a Foreign Grantor Trust. This is primarily due to the Super being a foreign employment trust, as opposed to a general trust, funded by a non-employer grantor. If the employee ends up depositing too much money into the trust, so that the employee has contributed more than 50% of the funds, the rules may changes – and the super may morph into a Foreign Grantor Trust.

*See new IRS Revenue Procedure 2020-17

Form 8833 (Tax Treaty Position)

Form 8833 is used to take a treaty position. Some practitioners believe that proper Tax Treatment of a Super should be foreign social security, and therefore exempt under the treaty.

A Form 8833 may be used to take this type of tax position.