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  1. #11
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    Quote Originally Posted by BDL View Post
    Actually I think they have just scrapped FIF tax.
    They have not. But as of 1 April 2017 any stock listed on the ASX of Australian resident companies (rather than just those in the ASX All Ords) will be exempt from FIF regime.

    However it will continue to apply to other international shares and investments.

  2. #12
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    Interesting.. What does that mean for asx listed etfs? Like the vanguard and ishares etfs. Does that change?
    Have you got a link to the update?
    Thanks

  3. #13
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    Quote Originally Posted by sonny n share View Post
    Interesting.. What does that mean for asx listed etfs? Like the vanguard and ishares etfs. Does that change?
    Have you got a link to the update?
    Thanks
    Good question. I am guessing that Vanguard and I shares will still be under the FIF rules as they are not Australian resident companies (albeit listed on the ASX).

  4. #14
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    Much thanks.

    Yes, I re-read the document I have. It is the "full portfolio" re: $50k threshold.
    Page 14 of the document has a table to calculate if you meet the threshold and it uses the words "total holdings".

    Yes the first year doesn't need to but the following year in my example the $155,00 times 5%.
    Yes, FDR or CV can be used but thru out the entire year, for the year if CV is lesser then CV can be used instead of FDR.

    Is FIF done via the IR3?
    Once FDR or CV income is calculated. If FDR was the chosen one and it was $7,750. Is this $7,750 taken as income and then we pay tax on it, hopefully not the entire $7,750.


    Cheers.
    Last edited by rayonline; 15-06-2017 at 06:40 PM.

  5. #15
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    Yes, you're just taxed on the $7750 at your personal income tax rate.

    These are the Australian shares exempt from FIF http://www.ird.govt.nz/calculators/t...tion-2016.html

  6. #16
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    Thanks for that!

    These are done on the IR3 right?

  7. #17
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    Quote Originally Posted by rayonline View Post
    Thanks for that!

    These are done on the IR3 right?
    Yes. When you complete the IR3 you will be directed to also complete another form as well declaring your foreign income (forgot the exact name of the form sorry, but you will be given the link while completing your IR3).

  8. #18
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    Thanks, think it's the IR458.

    It says, "10% or greater income interest and less than 5% passive income (attributed income exemption)".

    Are shares considered as passive income? So if the 10% figure isn't met, is the IR458 required. Or is a different form.

  9. #19
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    Not sure what "other form" you are referring to but I have never filled one in. Simply put the income in the "overseas income" box and the overseas tax where it is supposed to go.


    Rayonline to simplify it you have to pay tax on the increase of your funds over a year plus your dividends to a maximum of 5% of the opening balance. Overseas tax paid can be claimed separately.

    Buying and selling throughout the year has to be accounted for and can be complicated if you don't get a thorough understanding of the procedure. You postings would indicate you have a way to go so be careful.

  10. #20
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    I been following the document. Yep there is an adjustment for buying and selling. I get that, a procedure though to calculate.

    To start off I won't meet the FIF obligation anyway.

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