Use SHARESIGHT to track your shares - www.sharesight.com/moneywithdan/ (BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to a paid plan and I may get a small commission at no extra cost to you, so we both win!)
Here is a subject I think you would explain well. Examine the tax benefits and implications of an Expat Australian living overseas, who is no longer an Australian tax resident, but wants to invest in the Australian and US sharemarket with Australian based funds. There is a lot of confusion about this on chats and forums, it would be great to have an accurate fact based video to point to.
This is a very complex topic and one worth paying a specialist with experience to answer for you. I have seen many tax professionals make mistakes on this topic and there are many variables specific to each individual and a one size fits all video would probably add to the confusion. Sorry I can’t help further.
If I'm already getting a tax refund of let's say, $2000 because of my deductions from other sections. Can i still apply this tax credit to get a further refund, or can it only be used if i owe excess tax? I thought it was an offset and not a credit. Offsets on foreign income is calculated after all deductions and done at the last step, so it would be done after im already owed the refund. Does this mean i can't claim the offset?
Not exactly. It depends if you still had Australian tax left to ‘offset’ after you claimed your deduction. If you had other Australian tax to offset then it is possible to get a larger refund.
I’ve never heard of those until now. Interesting question. These don’t appear to be common for Australians as ETFs in Australia must distribute or else there are significant Australian tax penalties. This one where you should seek tax advice.
@ I think for me, this is what makes US domiciled ETFs more appealing compared to Aus domiciled ones. The internal capital gains are allowed to continue to compound instead of being distributed, so effectively gives you a boost up 0.5% depending on your income tax bracket if you sell when your stop working.
Use SHARESIGHT to track your shares - www.sharesight.com/moneywithdan/
(BONUS When you signup using this link, the first 4 months of subscription are free if you choose to upgrade to a paid plan and I may get a small commission at no extra cost to you, so we both win!)
Best video I have seen on the topic - thank you!
Thanks for watching
Amazing videos!! Thank you
Thanks for watching!
Thanks! The estate tax treshold you mentioned for $11.4M is for US-citizens.
Non residents too
Here is a subject I think you would explain well. Examine the tax benefits and implications of an Expat Australian living overseas, who is no longer an Australian tax resident, but wants to invest in the Australian and US sharemarket with Australian based funds. There is a lot of confusion about this on chats and forums, it would be great to have an accurate fact based video to point to.
This is a very complex topic and one worth paying a specialist with experience to answer for you. I have seen many tax professionals make mistakes on this topic and there are many variables specific to each individual and a one size fits all video would probably add to the confusion. Sorry I can’t help further.
If I'm already getting a tax refund of let's say, $2000 because of my deductions from other sections. Can i still apply this tax credit to get a further refund, or can it only be used if i owe excess tax? I thought it was an offset and not a credit. Offsets on foreign income is calculated after all deductions and done at the last step, so it would be done after im already owed the refund. Does this mean i can't claim the offset?
Not exactly. It depends if you still had Australian tax left to ‘offset’ after you claimed your deduction. If you had other Australian tax to offset then it is possible to get a larger refund.
What about the impact of heart beat trades for US domiciled ETFs?
I’ve never heard of those until now. Interesting question. These don’t appear to be common for Australians as ETFs in Australia must distribute or else there are significant Australian tax penalties. This one where you should seek tax advice.
@ I think for me, this is what makes US domiciled ETFs more appealing compared to Aus domiciled ones. The internal capital gains are allowed to continue to compound instead of being distributed, so effectively gives you a boost up 0.5% depending on your income tax bracket if you sell when your stop working.