Tax paid by Expat in Thailand

[Peterw42]

38 minutes ago, 4MyEgo said:

Peter42 will you now accept that there is no CGT payable on shares for foreign residents ? 

Can I phone a friend ?

[BaanOz]

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/
 

[mfd101]

1 hour ago, 4MyEgo said:

I think you will find that as you remain a resFTP your Medicare card should stay in tact because you are paying tax as a resident of Australia and the Medicare levy should be applied to it, you only lose Medicare if you are a non resident. 

OK, I'll check on that in 2.5 years time when the question becomes relevant for me. Thanks for the comment.

[4MyEgo]

2 hours ago, Peterw42 said:

Can I phone a friend ?

You only get to call one 555

[4MyEgo]

1 hour ago, BaanOz said:

Yeah and thanks, other points good to consider :)
 

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/
 

Your 100% correct on all the points, I don't believe you have to physically sell them, your accountant will however tell you of the procedure, i.e. what their value was as at the given date and then he would work it out from there.