No fixed address, tax, and share trading

[MarkJ]

Originally Posted by Dave_S

1. Citizen of Australia
2. Of no fixed address - ie non resident
3. Could be cruising anywhere

Problem asking the accountant is they want me to pay tax as does the ATO.

Guys who work oil rigs in the UAE and are returning Australian Citizens aren't paying tax.

Whoa up!

Its MUCH better to be an Australian Resident for Tax Purposes!
The caveat on that is if you have much more investment income from outside Australia than inside.
If you do you will be rich enough to have an accountant for the last several years.

Do you have large properties rented out in the USA? Europe?
Do you buy US shares via a US broker in US$? Or do you buy them via Comsec or an Australian broker?

Will you be back in Australia for minimum 10 days in the next 5 years?

To keep your health benefits u must visit the doctor at least once in every 5 years on Medicare.

Yes, you need a 'fixed' address. In any country you need a 'fixed' (I.e. mailing address) to buy and sell shares, to have a bank account, to have investments. Use the mailing address (not a p.o. box) of a relative or friend, or hire one.

What happens if you don't? Then all your income is taxed at the highest marginal rate PLUS you loose the tax free threshold.
Just looking the tax free threshold costs you about $10,000 on an income of $30,000 YES ITS 32%


So please: you are not a no fixed abode, you are an Australian Resident for Tax. This stuff isn't fun and games because the benefits of being an Australian tax payer are huge!

If you don't have an accountant get one to explain it to you.

Taxable income
Tax on this income
0 – $87,000
32.5c for each $1
$87,001 – $180,000
$28,275 plus 37c for each $1 over $87,000
$180,001 and over
$62,685 plus 45c for each $1 over $180,000

https://www.ato.gov.au/Individuals/D...Non-residents/

[SURV69]

I know this post is about Australia, but similar issues on other countries must be similar...

I'm In America(U.S.A.), for reference ...

is it "virtually" illegal to have no permanent address, in the U.S.A.?

I know many people(full-travelers), somewhat "fake" a permanent address for various reasons, and for good cause.

BUT, with "no permanent address", how can one get a driver's license, pay income taxes(and to who). How does one get social security & such(with no "permanent address"?

How can a person get a bank account ... with "no permanent address"?

in this light, isn't it "virtually", illegal not to have a "permanent address", even if a person, "in fact", has "no permanent address"?

[Dave_S]

This seems to be turning into something that it never was intended to be. So thanks for your answers I have what I needed.

[nauticalnomad]

You are a slave to the land so you are forced to have an address and the address is owned by the system, you just rent the ability to live there..

Move to Malaysia and look at Labuan.

[leftbrainstuff]

As an Aussie you will be subject to the many tax treaties Australia has. If you declare no fixed abode you'll be subject to Aussie taxation.

The key is to ensure you're resident in a country for greater than 183? days in the calendar year. Then you'll be subject to the local tax rules assuming Oz has a treaty.

Depending on your circumstances you might want to establish a limited liability company or trust. Jersey, Guernsey and the Isle of Man are on our radar. Particularly when we start cruising Europe in a few years.

Sent from my SM-N900T using Cruisers Sailing Forum mobile app

[StuM]

Originally Posted by Dave_S

This seems to be turning into something that it never was intended to be. So thanks for your answers I have what I needed.

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