No fixed address, tax, and share trading

[Dave_S]

For all those travelling the world or parts of it. Do you pay tax from profits on investments and if so to whom?

Particularly share trading, profits from buying and selling shares short to medium term. If I become "Dave of somewhere out there" do I owe tax to anyone.

I have an Australian Passport.

[Paul L]

It's dependent on your residency country. Did you try the online System info https://www.ato.gov.au/Calculators-a...RSLA/questions

[SV DestinyAscen]

Depends on your citizenship, residency and where you're cruising. Impossible for anyone to answer for you without specific information that you probably only want to share with a tax advisor.

[Dave_S]

Originally Posted by Paul L

It's dependent on your residency country. Did you try the online System info https://www.ato.gov.au/Calculators-a...RSLA/questions

Thanks Paul, it didn't know either :-)

"This tool is unable to determine your residency status for tax purposes after you leave Australia"

Sorry I was hoping this was an easy one.

[Dave_S]

Originally Posted by SV DestinyAscen

Depends on your citizenship, residency and where you're cruising. Impossible for anyone to answer for you without specific information that you probably only want to share with a tax advisor.

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.

[Paul L]

Give up your Australian passport and move all your assets out of Australia, that should do it.

[Flixtone]

Hi Dave, do you work for the tax authorities?

[Dave_S]

Originally Posted by Flixtone

Hi Dave, do you work for the tax authorities?

No, currently I'm paying them in advance.... Did you think I was fishing

Not sure how I can answer that for you.


I'm not trying to do anything dodgy but if I'm not a resident and earning an income overseas and spending overseas I would think that's probably non taxable. which has a huge bearing on how much do you need to go.


Not sure about unspent profit when I return.

[StuM]

Where is your share broker? Where are your bank accounts that you are trading through?

If they are in Australia, you will at least be liable for tax on interest and capital gains.



But ATO rulings can be very tough. Checking this one out:

"Mr Sully was found to be a ‘citizen of the world’ who was prepared to go wherever his work took him. As such, because his domicile of origin was Australia, he was considered to be a resident for tax purposes."

Think you are a non-resident of Australia for tax purposes? Think again. - Cooper Grace Ward

[StuM]

Originally Posted by Dave_S

Not sure about unspent profit when I return.

Use those 3 little words with the ATO and they will almost certainly class you as a resident for tax purposes

[StuM]

Originally Posted by Dave_S

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

Check the link in my previous post

[Dave_S]

Originally Posted by StuM

Where is your share broker? Where are your bank accounts that you are trading through?

If they are in Australia, you will at least be liable for tax on interest and capital gains.



But ATO rulings can be very tough. Checking this one out:

"Mr Sully was found to be a ‘citizen of the world’ who was prepared to go wherever his work took him. As such, because his domicile of origin was Australia, he was considered to be a resident for tax purposes."

Think you are a non-resident of Australia for tax purposes? Think again. - Cooper Grace Ward

Originally Posted by StuM

Use those 3 little words with the ATO and they will almost certainly class you as a resident for tax purposes

Originally Posted by StuM

Check the link in my previous post

Thanks StuM

Doesn't look promising.

[MLOI]

Originally Posted by Dave_S

Doesn't look promising.

IF you say you are going permanently,
AND you actually go for more than 2 years
AND you have no part of how you are earning money linked to Australia (ie brokers, bank accounts etc)
AND you are paying some tax somewhere else

THEN you might get away with not paying tax in Australia. Unless the ATO decides that you did all the above just to avoid paying tax.

Try moving to Norfolk Island first...

Mike

[achil]

2 things that are inevitable are taxes and death. I think you will end up paying somewhere.

[Dave22q]

The post seems fake to me. In my experience the broker who has your money, taxpayer ID, bank information and claimed home address reports your data annually to the relevant tax authority. I don't know about Australia but if you tried to pull this with a US broker or bank you might find an IRS lien blocking your access to your money.