I have a tax question, and would like comments or views from NickM and others. We have a smsf and we have bought some US shares for the smsf. As you know, many US shares do not pay any dividend. My questions are: 1. What is the tax position in relation to ownership of foreign shares? Since these shares do not pay any dividend, does this mean we don't have to pay any tax on them until we sell the shares? 2. Do we have to revalue (translate) the shares into A$ at the end of each financial year and pay tax on any unrealised gains / losses? Does the ATO "deem" the value of the shares and tax accordingly? Many thanks in advance.