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.
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.
