What’s the general advice on if/how to buy shares in sharemarkets outside of AU (UK or Europe) amd are there any tax issues?
Got a connection with a medical mull company I want to check out.
I’ve bought through Westpac. But to set it up did take quite a bit of time.
And it seemed to only allow access to the American share market.
The brokerage fee was too high to really get much out of it.
But I did well out of ROKU. The rest pretty much broke even.
I do hold shares in UK stocks (mainly because they have split or converted from Aussie shares to o/s shares), but I have no idea how to sell them economically.
I can sell through computershare, but brokerage is pretty high so I’m resistant to do it at the moment.
One of the shares is worth less than the brokerage, so it’s hardly worth selling.
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Selfwealth lets you buy US stocks for 9.95 a trade. Easy to setup too.
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How much does that Robin Hood app thing charge?
Nothing.
They make money by selling your trade data before the trade is processed.
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That’s what I thought I heard.
I have an Interactive Brokers account for offshore trading…it is orders-of-magnitude cheaper than an Australian bank brokerage account.
From memory I’ve transferred between AUD and USD ridiculously cheaply…like 0.1% spread or something.
I’ve done trades that are say $50k in value, and the brokerage fee has been $5 or less…this is because some of the brokerage is charged as something like a cent-per-share-traded, so if you trade a high-dollar-figure share, then the brokerage is negligible.
I’ve done most of my trading in the USA markets…dabbled early in the UK, but I think they introduced a financial transaction tax that made me hesitant of further trading there (just wasn’t worth the policy research effort to me).
The statements provide by Interactive Brokers include a translation of any other currency figures back into AUD, so I just include those AUD translations in my tax.
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Thanks.
So what about tax? Surely the AUs government wants to take their piece of the action?
How does tax apply to shares/crypto or whatever?
And if the profits are taxed at the marginal tax rate. Could you set up a trust to get taxed less?
(I do have a finance guy that I will ask this tuff, but I have no doubt he will say ‘slow and steady’. Meanwhile every dummy I know is making double digit growth every day of the week)
I don’t think you need to worry about tax unless you sell your shares. Your only taxed on dividends or if you sell and realised a capital gain?
If you want to invest in a tax effective vehicle it might come with some restrictions.
Just see an accountant for options and understand the pros and cons. I mean if you see one at tax time, have a chat at another time about investing and tax implications.
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Anyone got any Jordan fleer rookie cards from 1986?
Not a bad investment if you nabbed one a while back
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I’ve got Lebron and Kobe rookie cards.
They’ve gone nuts the last 6 months.
A lot of money being thrown around on collectables (not just cards, but cars as well).
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Holy crap!
I’ve got this in hard plastic!
Have to find the bloody thing, now!
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I have one of these.
But I know it’s not worth that.
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My Shawn Kemp Rookie card hasn’t done so well. lol.
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Yes, the government will want their share of your income.
So dividends will need to be included in your tax return. That’s one advantage that Australian shares have over international shares - the franking credits to ensure you are not double-taxed.
If you trade frequently (holding less than 12 months), then the full gain that you have made will need to be included in your tax…If you hold for longer for 12 months, then you can basically halve the amount of gain that you have to include in your tax.
I used to trade frequently, and my accountant had to warn me that I risked being treated as a business…in which case, I would lose access to the 12+ month discount, and I would have to report my profit each year in my tax, whether realised or not…yep, the ATO always wants their slice!
So…over time I’ve given up on active trading of shares in my own name. I just buy diversified managed funds, and try to hold long term, so the ATO doesn’t have anything to complain about.
BUT, I am very active at trading in my super account. The tax on a short term gain maxes out at 15%, so it’s the right place to do it…but it’s not for everyone, as I am a full-time investor…most people shouldn’t be involved in any sort of active trading IMO.
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Neither have all my Vince Carter ones. Even Shaq cards have languished behind the trend.
I thought the craze would follow to AFL and cricket cards. But it hasn’t taken off at all.
93/94 really was buying at the peak.
I wasn’t expecting any appreciation at all.
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Yep, 2 Jordan rookies in PSA 10 sold for over 700k last week. People are saying it could reach a million.
Even Ronaldo and Messi rookies are going through the roof.
The PSA 10s definitely will.
Theres only around 50 in the world.
The ungraded ones will probably settle off and be stable for quite some time.
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I remember thinking at the time that my Clarence Weatherspoon Draft Card might be worth some hard cash in the future…
Also, pretty devo that my full set of Cazaly Classics aren’t worth sh"t, either.
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