BaanOz

16 hours ago, 4MyEgo said:

I would call that a pathetic response, bank staff should be able to handle such an enquiry.

Yeah Comsec wouldn't answer but Combank did:

"Once you have updated to your overseas address, the bank is required to deduct Non Resident Withholding Tax (NRWT) and pay it to the Australian Taxation Office (ATO). We are required by law to deduct tax from any interest that you earn on your account. The current Non Resident Withholding Tax (NRWT) rate is 10% if interest earned is above $10.00".

For the record as a non resident these brokers will not accept you:
Interactive Brokers (with an Australian account)
Selfwealth
Bell Direct
CMC Markets

So far have found only Comsec and Saxo will accept.

On 11/29/2017 at 8:53 PM, 4MyEgo said:

Yes I do have a an Australian residential address but going to have to change that now

I haven't looked into this much but this might be another option, a service that scans mail for you:
http://www.aussiemailman.com.au/
http://www.hotsnail.com.au/

18 hours ago, steven100 said:

I was reading a topic a couple of days ago where one TV member was saying he was Forex trading and he said he was doubling his money every month,  hard to believe ...........

I can't find the topic again and I forget the poster ....

Yeah, I found it.
He must be young with plenty of working life left.

I've a much lower risk threshold :)

18 hours ago, 4MyEgo said:

if he overlooked it, so did I, oh dear, oh my, my bad 555

Haha!
I was just wondering if that CDIA account is fine to get the tax taken out. I've asked Comsec but they have told me to call the bank accountant.

On 11/28/2017 at 11:12 PM, 4MyEgo said:

BaanOz I use an Australian broker in a large firm, who use the Comsec platform.

Hope you don't mind all the questions!

One more, do you have the Comsec CDIA (Commonwealth Direct Investment Account - preferred cash management account for ComSec ) linked to your trading?

Wondering if you arranged the 10% withholding tax to be taken off any interest earned in that account?

Thanks.

19 hours ago, 4MyEgo said:

I can't understand why you would be having dramas, if you have the above and a bank account set up in Australia, should be a piece of cake.

Some brokers will just not allow non residents. I didn't know this at all, so it ends up I can't choose the top of my list.

Anyway, your right. I've spoken to Comsec and they seem fine with having an overseas address. Good, think I'll go with them.

Just wondering, do you have an Australian address that your Chess Holding Statements are sent. What do you do about those?

Thanks.

Edit: by the way I mentioned Saxo Australia above. They are fine too but not Chess sponsored.

 

On 25/11/2017 at 2:27 AM, ELVIS123456 said:

try using this online test - you change change answers to get different outcomes.

Yes tried that before and same result "non-resident for tax" and is due mainly to bringing all family and not moving around. No plans to do any travel so no stamps in passport to prove it.
 

On 25/11/2017 at 2:27 AM, ELVIS123456 said:

ATO/ASIC will not get any taxes/duties if you are not a tax resident

Having shares and $'s in Australia means they still will.
ie: for me, bank interest and any dividends on shares not 100% franked.

I could take it out of Australia but prefer the guarantees on bank accounts.

I'm not really concerned about becoming a non-resident for tax but want to know the rules :)

Anyway, will see if Saxo accepts non-residents. Have also asked Interactive Brokers and assume they will be OK but as mentioned prefer one that has Chess sponorship (in case broker goes belly up). That goes for the Singapore Saxo too.

7 minutes ago, 4MyEgo said:

These bastards don't leave any stone unturned do they !

Yeah and thanks, other points good to consider :)
 

Quote

or defer them and pay CGT on their value at the time you become a Foreign Resident

I read that link to mean, if you don't notify your shares as having a CGT event when you become a non resident, then you lose the CGT 50% discount (if you had them over 12 months) as a non resident plus you pay the CGT from the day you bought them until the day you sold them (as a non resident). If they had gone up in value from the change over then you lose! :)

If correct, still not 100% sure if you have to physically sell them before the event of becoming a non resident or just add details to your return. I suspect the latter.

This indicates that there is no capital gains tax when you become a non resident because it is a CGT event when you cess being a resident:
https://www.ato.gov.au/general/capital-gains-tax/selling-an-asset-and-other-cgt-events/types-of-cgt-events/#CessationofresidencyI

I have had a bit of trouble finding this CGT stuff on the ATO site. A reason is it seems it is no longer "non resident" but foreign resident. Look here:
https://www.ato.gov.au/individuals/international-tax-for-individuals/going-overseas/lodging-your-tax-return/how-residency-affects-your-tax-return/
 

8 hours ago, ELVIS123456 said:

Australian resident for tax, means a very different thing than being an Australian resident. Suggest you contact ATO and ask what is required to be classified as a resident for tax purposes. Commsec etc cant pay money into a foreign bank account and/or to a person who does not pay tax/duties in Aust.

Thanks. I'm currently an Australian resident but looking for a broker that doesn't have a problem with a non resident for when that time (>183 days in Thailand) comes for me :)

I'm not sure what the difference is with using an overseas broker.

I've used Interactive Brokers for years including before they setup a formal Australian operation. I've always paid tax on any Austalian shares bought.

Anyway, I've contacted Saxo Australia to see what they say. I suspect they might be OK being more international operation compared to the others I've tried but if negative will try Singapore. Their fees look OK too :)
Thanks.

4 hours ago, 4MyEgo said:

I'm no tax expert, and I had to read it half a dozen times too, but I would think that this refers to Australian property, although they do use the word assets:

Thanks yes, think your right and I'm just trying to understand this! :)
I like doing some research before heading to the accoutant.

Something I found in my search is a thread talking about a few things mentioned here including CGT on shares for a non resident plus my concern about holding shares and converting from resident to non.
https://www.propertychat.com.au/community/threads/becoming-non-resident.14781/#post-300560

The accountant mentions you have two choices, report a capital gain (or loss) on your shares when becoming a non resident or defer but "must later calculate the resulting gain and apportion for the period between acquisition and the sale using the standard CGT rules (remember the loss of the discount!!)".

Yes, guess you would lose the 50% discount if you held shares over 12 months!

Don't think I need to actually sell shares but just report any CGT at the time of converting from resident to non.

Tricky this ATO.

AFAIK a non resident pays no CGT on shares.

19 minutes ago, 4MyEgo said:

If you did hold shares at some point in time and you sold them later,

Thanks.

Just found this at the ATO website and had to read it 1/2 doz times but I think if you do not sell shares before you become a non resident you are liable for any CGT for the total time they are held.

https://www.ato.gov.au/General/Capital-gains-tax/International-issues/Changing-residency/

Under "Choosing to disregard capital gains and losses".

The effect of making this choice is that the increase or decrease in the value of the assets from the time you cease being a resident to the time of the next CGT event, or of you again becoming a resident, is also taken into account in working out your capital gains or losses on those assets. The way you prepare your tax return is generally sufficient evidence of your choice.
 

By the way, CMC Markets just confirmed...

"Unfortunately Thailand is not on the list.  We will not be able to establish the account".

Thanks Oxx,

Will have a look at those.

I was thinking Interactive Brokers might be OK too but was hoping to get one where shares are chess sponsored.

Hi,

I'm just looking at brokers at the moment and started registering for SelfWealth. Near the end of the application it had requirements including "must be an Australian resident for tax" so canceled.

Just looked at CMC Markets and sent them an email asking if I was a non-resident and this was the reply:
"Please note you can set up an account if you are a resident of Australia. Depending on the country of where you are moving we may not have jurisdiction to have a trading account operation in a particular country so the account may need to be closed in the future".

I also see on the Comsec website here: https://www.commsec.com.au/support/frequently-asked-questions/62.html
"Some restrictions apply to applicants from different jurisdictions depending on various legal and regulatory requirements".

Wondering if anyone has had a problem becoming a non-resident with regards to their broker and if you can recommend any please?
Thanks.

On 14/03/2017 at 10:28 AM, 4MyEgo said:

no capital gains tax on shares

Not bad but on the otherhand you can't claim loses back.

I'm just wondering about the actual switch when you become a non-resident for tax. I understand this will mean a CGT event on any shares you hold prior.

Not sure of the mechanics but anyone know if this CGT is just reported to the ATO (and pay any tax) or should you (or better to) sell shares you hold at the time?

Thanks.

8 hours ago, chickenslegs said:

Hi Joe,

Do you receive a fee for introducing new customers?

Haha looks like "ING Direct $100 bonus for both referrer and friend".
Nice :)
 

On 17/10/2017 at 12:55 PM, baywatch82 said:

My calculating way was a bit different :

1.5mln + 20% = 1.8mln (very close to mine 1.794mln I need to pay 60x29,900)
20% in 5 years, means around 4% per year, which sounds alright.

There is a really good calculator here where you can plug in interest rates each year: https://www.thailand-property.com/loan-calculator

For the GSB interst rates above for a 1500000Baht loan over 5 years:

Type 1

Type 2

I am just looking into this myself and the Government Savings Bank home loan details are below. Worked out that Type 1 will be a little cheaper but Type 2 is a fixed rate for 3 years.

https://www.gsb.or.th/personal/products/loan/person/domestic.aspx

The MRR is 7%

For Housing Loan
Type 1

• Interest rate of 1.25 % per year in the first year
• Interest rate of MRR - 2.00 per year in 2nd year
• Interest rate of MRR - 0.75 per year in 3rd onwards (maturity loan agreement)

Type 2

• Interest rate at 4.50% per year in the year 1-3.
• interest rate of MRR - 0.75 per year in 4th years onwards (maturity loan agreement).

3 hours ago, janpharma said:

Look around and try to contact "Thailand dog shelter"...they are concerned.

First on the list is Soi Dog Foundation and they are not interested in healthy soi dogs...

https://www.soidog.org/content/contact-us
 

"We would therefore ask that you only call our shelter about animals that need to be spayed or neutered, or those that require medical attention".

On 24/09/2017 at 3:20 PM, 4MyEgo said:

Better of putting your money in share, no tax if they are fully franked and no capital gains tax for foreign residents, at least you will be making a coin from dividends while your capital fluctuates, hopefully in the upward direction mostly 555

Wondering, if a company announces a drop in their franking, do you sell up straight away to avoid paying tax and lodging a tax return?

Don't have to turn your engine off at the bowser :)

2 hours ago, seancbk said:

How anyone goes over 30 GB is beyond me.   You'd have to be out streaming movies all day.

Watching Netfilix HD at 3GB/hour you would burn 30GB in 10 hours.
SD at 1.33GB/hour, burn 30GB in 23 hours.

So yes it's beyond me how anyone could go over 30GB in a day streaming movies :D

9 hours ago, halloween said:

a dump in Sydney.

What! You could snap up a nice spot in Lakemba for a little bit over a mill and sell it 2 years later for a lot over a mill.
Very cosmopolitan too :)

https://www.domain.com.au/65-the-boulevarde-lakemba-nsw-2195-2013654037

Edit: Close to schools for the kids