• Australian (ASX) Stock Market Forum

Taxes

Discussion in 'Beginner's Lounge' started by pbln87, Jan 24, 2012.

  1. pbln87

    pbln87 New Member

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    Hi,

    I'm not an Australian citizen or resident but I just opened an online broker account for trading Australian shares. Anyhow, I'm only temporarily in Australia and will go back to Europe. How does it work with taxes over here? What kind of taxes are important, capital gain tax, any other?

    Thanks for your help!
     
  2. Tysonboss1

    Tysonboss1 Well-Known Member

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    It would be best to go to an account, your citizenship situation probably changes things a little.
     
  3. McLovin

    McLovin Well-Known Member

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    When you say "not a resident" do you mean you don't have permanant residency or you are not a resident for tax purposes?

    Citizenship is normally irrelevant, whether you are a resident for tax puporses is determined by the ATO not Immigration.

    As an example (and your own individual circumstances might be very different), if you came to Australia on a WHV and worked and travelled moving around Australia and only working for ~3-4 months, then you would probably not be considered a resident for tax purposes. If on the other hand you entered into a lease contract for 12 months and found a contract position for 6 months, then you might be considered a resident for tax purposes.

    As Tyson said, probably best to speak to an accountant.
     
  4. pbln87

    pbln87 New Member

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    Well, I was a resident for tax purposes while I was here. But I just opened an account and won't be a resident for tax purposes any more as I'm going back to Europe very soon. Hmm ... probably you're right and I should go and speak to an accountant.
     
  5. Wysiwyg

    Wysiwyg Everyone wants money

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    First time received a "Tax Receipt" from the Australian Government thanking me for my contribution and detailing where every dollar of tax I paid went. Big issues :-

    36% to Welfare (aged, families, disability, unemployed, other)
    17% to Health

    So 53% toward services of which I used approximately $140.00 for some medical assistance. If I ever need Welfare or Health assistance it is on record I have already paid the system for it. :frown:
     
  6. Gringotts Bank

    Gringotts Bank Well-Known Member

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    Re: trading,

    Is marking to market always necessary? I've never liked that idea - would rather calculate after selling and figure it's fair so long as the turnover period is short. Any thoughts?
     
  7. cynic

    cynic Well-Known Member

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    Marking to market gives a truer measure and makes it harder to facilitate "wash sales".
     
  8. Gringotts Bank

    Gringotts Bank Well-Known Member

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    cheers. "Is not marking to market legal?" is the question I meant to ask.
     
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