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Originally Posted by Harvey Specter
Definitely a Win for your Brother if he decides not to 'gift' it back.
Haha yes indeed... there is that inherent risk involved there as well.... But I trust him!
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Member
In practical terms, after reading numerous FIF threads on here, I take this to mean I can buy 50K of e.g. Vanguard total market index ETF on the ASX and sit on it for eternity and as long as I never purchase any other share outside of the IRD approved list, I will never have to pay any FIF tax on the holding except tax on dividends (if any)?
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Originally Posted by audiav
In practical terms, after reading numerous FIF threads on here, I take this to mean I can buy 50K of e.g. Vanguard total market index ETF on the ASX and sit on it for eternity and as long as I never purchase any other share outside of the IRD approved list, I will never have to pay any FIF tax on the holding except tax on dividends (if any)?
Re investment of distributions would be counted as adding to your $50,000. You would need to take the cash option.
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Member
But if the value increases over $50000 in the following tax year, FIF is triggered
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Originally Posted by voltage
But if the value increases over $50000 in the following tax year, FIF is triggered
Not so. It is cost price that is used.
Reinvesting distributions would be a purchase thus adding to the original investment that may, will in time, take you above the $50,000.
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