Dual US & AU citizen with income in both countries

[AnderssonK76]

This is a potential future scenario for myself.

• AU citizen with AU employment contract for 100k AUD per year. Working remotely in the US.
• Investment properties in AU with negative cash flow. Can deduct this loss against AU income in AU tax return.
• Also US citizen and lives in the US.
• Has a Wyoming LLC that invoices UK company for ~300k USD consulting services. Would file US tax return.

Since both AU and US have claims on world wide income should i report both AU and US income on AU and US tax returns? Or should i keep the AU and US separate and just report relevant income for each country?

What is the optimal way to deal with this sort of situation? AU will most likely never not consider me a tax resident as i'm a citizen and I own properties in AU. I'm also a swedish citizen if that matters, but have no links to the country except citizenship.

 

[Sols]

Get a tax adviser/lawyer. Maybe two: one for Australia and one for the US.

Don't take tax advice from strangers on the internet.

You have a ver complicated situation where even the tiniest details can have a decisive impact on how tax treaties and tax codes are interpreted.

 

[banafinfodafuggiano]

The country in which you live and the country in which you have assets, will have you by the balls my friend...

never own assets in your country of citizenship... never own assets where you live either (or rarely do)...