FBAR Guide for Americans in Australia
If you're an American living in Australia with more than $10,000 in Australian bank accounts at any point during the year, you're required to file an FBAR.
What is FBAR?
FBAR stands for Foreign Bank Account Report (FinCEN Form 114). It's filed with the US Treasury and discloses your foreign financial accounts including savings, super, and brokerage accounts.
Do I need to file?
You must file if you're a US citizen or resident with foreign accounts exceeding $10,000 USD in aggregate at any point during the year. That means if three accounts each held $4,000, you've exceeded the threshold.
What accounts to report?
Bank accounts, superannuation, brokerage accounts, and any account where you have signature authority.
Deadline
April 15, with automatic extension to October 15.
Penalties
Non-willful: up to $10,000 per violation. Willful: up to $100,000 or 50% of account balance. The IRS is aggressive about enforcement.
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