I experience this first-hand myself. I am a dual citizen of US and Australian citizenship, living in Melbourne, Australia.
Under the tax treaty between Australia and the US, I can declare tax paid to Australia (where I work) and I receive an exemption from paying that amount of tax to the US. With Australia's income tax almost universally higher, this means that I will probably never need to actually pay tax to the US.
However, I still have to file tax in both countries every year. This is made more difficult by the fact that the tax year in Australia runs from July to June, with the US running 6 months offset. This makes the paperwork time consuming and difficult to perform, and there are very few accountants in Australia versed in US tax practices, so I can't even go out and hire a professional who can manage both my Australian and US tax lodging.
Although I was born and raised in the US and in many ways still think of the US as my homeland, I am on the verge of giving up my US citizenship for exactly this reason.
Don't do it. Learn how to use turbo tax online. It costs $50, and takes about 2 hours. I don't know about your personal situation, but you are likely very far from owing any US taxes.
You don't need an accountant. Just do it to the best of your ability. It is pretty simple. Income, AUS taxes paid, foreign account list. TurboTax will tell say you owe nothing, then click the e-file button.
Don't trash a US passport over $50 and 2 hours. Once you do it once, it will take about 30 minutes the next year.
I am sorry to downvote you but this is bad advice that could cost some lurker quite a bit of penalties. The fact that aethr and so many other people bring up the drastic step of renunciation should have told you right off the bat that this is not a matter of "$50 and 2 hours" learning Turbotax.
The issue is not the tax owed (which as you correctly note tends to come out near zero) but the reporting requirements, which go well beyond those imposed on people who live in the US and keep all their assets there. Turbotax and other consumer software packages do not (and likely never will) support the kinds of complex forms you have to file if you settle outside the US and start leading a normal financial life like any other resident of your adopted homeland: Form 8621 if you'd like to buy ETFs on your local stock exchange, Form 3520 if you're obligated to participate in a local retirement plan --- and most relevantly to Hacker News, Form 5471/8858 (and maybe a 926 and 8832 as well) if you'd like to start your own company where you live. Estimated time for completion for Form 5471 for example is 44 hours (plus a recordkeeping burden of 130 hours, primarily due to the part where you have to redo all your company's accounts in US GAAP), and it has a failure-to-file fine of tens of thousands of dollars per accounting period.
All of these forms (except Form 8938 & FBAR) must be filed regardless of the tax owed or the value of the asset in question. These forms (and their associated failure-to-file penalties) were designed with extremely rich onshore people in mind --- because Congress didn't think anyone besides a multi-millionaire tax-evader would use a "Controlled Foreign Corporation", "Passive Foreign Investment Company", or "Foreign Non-Grantor Trust". But as it turns out, the way the rules are written, literally every American who lives abroad for more than a few years ends up in a similar boat as American homelanders with more than 100x their income/assets, and has to pay accordingly for tax advice --- not advice on how to reduce their taxes (since once taxes in the country of residence are taken into account, there is already no tax owed), but advice on how to properly report to the IRS.
FWIW I used H&R Block At Home to file my US tax return after I relocated to Australia and it worked fine. Note that e.g. American teachers at international schools have to file US tax returns so there are accountants out there who understand the issues.
Under the tax treaty between Australia and the US, I can declare tax paid to Australia (where I work) and I receive an exemption from paying that amount of tax to the US. With Australia's income tax almost universally higher, this means that I will probably never need to actually pay tax to the US.
However, I still have to file tax in both countries every year. This is made more difficult by the fact that the tax year in Australia runs from July to June, with the US running 6 months offset. This makes the paperwork time consuming and difficult to perform, and there are very few accountants in Australia versed in US tax practices, so I can't even go out and hire a professional who can manage both my Australian and US tax lodging.
Although I was born and raised in the US and in many ways still think of the US as my homeland, I am on the verge of giving up my US citizenship for exactly this reason.