My accountant told me any investments I had in Australia over $50,000 were taxable as in CGT. I did not have that amount invested in Australia so I did not qualify for that tax.
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He is referring to FDR then. If your under 50,000 then you pay tax on dividends or distributions received. If over 50,000 then you pay tax on 5% of your opening balance at the beginning of each tax year. This is the maximum. If however your investments do not increase in value by 5%, including dividends and distributions then you only pay tax on what it does increase by.
There are a few other rules but that is the gist of it. Nothing to be frightened of.
Definitely not a CGT.
This is not a tax thread ... but this statement is plain wrong. Most ASX shares are by IRD treated like NZX shares - you only pay for capital gains if you are trading, not if you are investing ... and the $50k you are talking about would be the de-minimus limit for holding NOT exempted foreign funds (including some not exempted shares on the ASX) - no matter whether you hold them or sell them.
If you want to know more - there is plenty of stuff on the IRD webpages ... and the rules are tweaked regularly, i.e. if you hold or used to hold (not sell) more than $50k in foreign funds, you better check every year:
https://www.ird.govt.nz/toii/fif/fif-index.html
Ah yes, and if it is A2 shares you are worried about, no matter whether they are NZX or ASX traded - they are FIF exempt. No 50k limit whatsoever. Obviously - you need to declare your dividends (if & when they pay some) and you need to pay taxes if you are trading.
Well, this is only if the New Zealand voters give this incompetent bunch another chance to mess things up. Given that I expect Winston to go (no government he was invovled in ever had more than one turn) and New Zealanders are able to learn, I hope this is not that likely.
NZ taxation regime on shares is a muddle and does need to be sorted out. The PIE & FIF regimes were brought in as a package to address the inequality between institutions and individuals - until the regimes were brought in, institutions paid tax on all share gains while individuals went through a process to determine who is a trader etc etc etc. Most (>95%) did not pay tax.
How many Xero shareholders know that XRO is subject to FIF regime?
Does not mean that when ATM moves across to ASX that it will be subjected to FIF of course but it may!
Can we get back to ATM????? - As mentioned this is not the tax thread
Seems to be stalling around the mid $12s'
Anybody know the approximate date for their next report, keeps being mentioned next month but anything a little more concrete?
one of the recommendations was to make pie funds cgt exempt but individuals would pay tax ( be big mistake) , will you even be holding atm shares personally then? at such a tax disadvantage
If you look into the TA - it feels like the SP doesn't manage to overcome resistance and a double top is shaping up: RSI around 70 and flatlining, volume and monentum dropping. I'd say the next move is much more likely downwards than upwards unless Jayne buys a big bunch of shares ... and hey - how likely would that be?
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Does anyone know when herdlicker is due to get more shares? Im looking for an in.
Note to the wise: dont search urban dictionary to learn about atm stock or you might think the milk comes from donkeys.