Dual Austn/US citizenship. Is the annual growth of my Australian superannuation fund (not taxed by ATO as its comprised of previously taxed monies as wage earner), liable to be reported to the IRS and taxed in USA? I am advised any Austn superfund would be deemed Grantor Trust and therefore taxable?
Any views from tax professionals/US tax lawyers on this issue. Growth about $20,000 to $30,000 pa.
No pension or withdrawal has ever been taken from this superfund, as it is mandatory under Austn law and in what is deemed in Aust as "accumulation" phase". In Australia a superfund is designed to support you instead of a govt pension in retirement.