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International shares tex

Discussion in 'Accounting, Tax & Legal' started by 3ricko, 16th Mar, 2009.

  1. 3ricko

    3ricko New Member

    Joined:
    16th Mar, 2009
    Posts:
    4
    Location:
    Sydney, NSW
    Hi guys,
    I'm new to this and about to open an account with Commsec (Pershing) to trade shares in the US market. However i have a couple questions regarding tax:
    1. Since we are in Australia, when we sell US shares and make profits, what kind of taxes do we need to pay (US/AUS) ?

    2. How do we receive international dividend?

    Cheers.
     
  2. AsxBroker

    AsxBroker Well-Known Member

    Joined:
    8th Sep, 2007
    Posts:
    1,448
    Location:
    Sydney, NSW
    Hi Ricko,

    1. Any of our InvestEd's resident accountants could shine some more light.
    IMHO, standard taxation rules apply, ie, if you buy or sell shares after holding for less than a year the "gain" would add to your income (if you hold for over 365.25 days than you get to halve the discount). Same with dividends.

    2. You'll find that Pershing send the funds to CommSec and they forward on the cash to your nominated bank account (or a cheque).

    Cheers,

    Dan

    PS Speak to your tax adviser or accountant before making a taxation decision.