When I buy shares through my online-broker am I meant to provide my tax file number? If so, to whom?
Just want to make sure I don't get taxed too much :confused:
Cheers!
kennas
13th-January-2007, 12:57 PM
Hey All,
When I buy shares through my online-broker am I meant to provide my tax file number? If so, to whom?
Just want to make sure I don't get taxed too much :confused:
Cheers!
Hmmm, I thought you had to provide it to get the account set up in the first place.... :confused:
Mika
13th-January-2007, 01:04 PM
I just recently completed the papwework for commsec but don't recall being asked to provide my TFN anywhere....
JoshyJ
13th-January-2007, 01:07 PM
You dont have too. But if you dont you get taxed at the highest rate.
Mika
13th-January-2007, 01:16 PM
You dont have too. But if you dont you get taxed at the highest rate.
But who do I register it with?
bigt
13th-January-2007, 04:10 PM
..taxed by who? I thought you took your profits (or losses) and just declared them at tax time..and paid capital gains/losses on that amount? Are you saying the online broker i.e commsec, taxes your profits upon sale of a stock?
rozella
13th-January-2007, 05:00 PM
The TFN is required by the registrar, otherwise they will take withholding tax from any dividends (48.5% I think it is still)......you can get it back at tax time but the money may as well be in your pocket & it saves the hassle.
You only need to provide your TFN if you intend to receive dividends.
The best way is to bypass the broker & register your self online (in most cases) with the appropriate registrar, especially if you buy close to exdiv date. It sounds messy, but I do it almost every day & its just becomes part of every day trading.
bigt
13th-January-2007, 08:40 PM
Thanks Rozella...didn't think about divs...have only traded non-div stocks.
