I am Australian citizen with us residency (1995). I have a PSS Superannuation from my time with Australian govt. I resigned from there Nov, 1991. I put no contributions etc since resignation.. just earning interest from what is in there. Currently at 137K Australian $. I also have Australian inheritance in a commonwealth Saving Bank account. I am executor of the will. 50% of money is mine, other 50 is divided to my 2 children (16 and 18). We (my wife -US citizen) file joint US tax form every year.

We declared Commonwealth Bank account in schedule E, amount, interest, Australian tax paid (10% by bank) etc and paid whatever US taxes. Just found out about FBAR!! HELP. Seen multiple US attorneys.. charging about 10K to help. They say I will face 27-30% penalty from IRS on Superannuation amount (40K) as not reported in FBAR. If I go OVPD..if I opt out, pay 20K extra in attorney fees. However, they say Super is a grey area. I have no access to this money ( I believe I can now take the $ as i just turned 55). Based on their scenario, after penalty taxes , conversion rate, IRS penalty and attorney fees.. I have no Super left. I need help on this
Voluntary Disclosure FBAR IRS
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
Chuck Heyde, CPA, CGMA
I am sorry but they are correct.

read more here -

and here -

Chuck Heyde, CPA, CGMA
Leave a Comment 260 weeks ago

Meet Leading Tax Advisors

User Photo Peter J. Scalise

Federal Tax Credits & Incentives Practice Leader

New York, NY

User Photo John L Stancil

Tax Advisor/CEO

Lakeland, FL

User Photo John R Dundon, II EA

Tax Director

Denver, CO

User Photo Kevin Johnson MS, JD, LL.M, CPA


Philadelphia, PA

User Photo Brian Weaver, CPA, MBA

Managing Tax Consultant

Des Plaines, IL

User Photo William Rogers, CFP, MBA, EA

Rancho Santa Fe, CA


User Photo Jim Marshall, EA

President/ Tax And Financial Advisor

Scottsdale, AZ

User Photo Brett A Thompson, JD, CPA

Managing Tax Lawyer

Katy, TX

User Photo Charles Woodson, EA

Tax Advisor/Fiduciary Coach

San Diego, CA

User Photo John Richardson

Tax Lawyer

Toronto, Canada

User Photo Clifford Benjamin

Senior Tax Principal

Daytona Beach, FL

User Photo Kazim Qasim, EA, CTC

Managing Tax Advisor/CEO

Orlando, FL


View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page



Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today