Australian Dollar

I was using an Australian accountant who specialised in US tax law etc but he totally stuffed up everything and cost me money in penalties. I then changed over to a recommended US accountant and he is absolutely brilliant. He understands the beast, and what was once complicated just seems to be very simple in his hands.

I opened bank accounts with Wells Fargo/Bank of America when I was in US about 3 years ago. However, at this time my US lawyer was also setting up bank accounts for foreign investors for a small fee, unfortunately I believe this avenue is now closed.

If you go in personally and open bank accounts you will probably spend most of the day at the bank, their banks are a disaster. I am still trying to work out how they got the moon.

MTR

 

What do you call an Intelligent man in the US? - A tourist

 

On an E3 I assume? Are you considered an Australian resident for tax purposes?

Once RBA starts hiking rates (in 3 to 4 years maybe). AUD will likely go up being a reserve currency and all. I also heard that a lot of big companies stopped trading in USD and just buy everything in RMB and such.

 

Is that 5% in additional tax? I mean after you paid taxes in the US?

 

Say I make $100 USD the US Gov takes $5 USD immediately, leaving me with $95USD. Then it comes back to me and I'm taxed by Australia. There is a tax credit on the money in Australia (avoiding double taxation).

I lose a bit in intermediaries too.

I don't file any taxes in the US (I make royalties over there, don't own property or anything).

 

Nice! Whatever structure you have there to only pay 5% tax - well done.

 

Hi, no I'm not working in the USA, I'm on a sunny little island in the Indian Ocean getting paid in USD But either way I'm not an Australian resident for tax purposes.

Agree with your estimates on the AUD long term, I think once the AUD get into the 60s again and stays in the 60s, the technical shorts disappear, the fundamentals of Australia/USA/China/commodities will make this the floor, and that's when I'll start shipping USD back to AUD. I'm only here for another 18-24 months anyways.

 

This is interesting, a spike


The AUD/USD starts at 0.7359 this morning.

 

I am waiting it to hit mid 60s to ship my USD back to AUD but I am not so confident about the timing.

 

If interest rates drop the Au$ always falls back.

MTR

 

Wait till the Fed raises rates then you will see another drop in the AUD

 

There is a wait and see approach from institutionals on the interest rate differential at the moment. I don't think the Fed (US) will do anything this year to tighten rates, and if they do, it will be December earliest. Likewise for Australia, the RBA are sticking to their policy until there is a material shift of risks that compromise either the inflation outlook, or growth outlook.

That said, with currency trading there's all sorts of psychological supports, technical supports, resistance levels, to say it is complex is an understatement, but am hoping to be firmly entrenched in the 60s in 2016

 

Me too.
If the experts are correct it will be around 65, but 60 sounds good.

 

Only if we're dreaming of another Mining Boom.

We can keep dreaming, but we have to wake up at some stage.

 

By giving sanctuary and citizenship to German war Criminals.

If you go in personally and open bank accounts you will probably spend most of the day at the bank, their banks are a disaster. I am still trying to work out how they got the moon.

MTR[/QUOTE]

 

Not that I normally check daily, but AUD/USD was back down to .7220 at one stage this afternoon...clearly overbought the last 8-10 sessions..

 

AUD is down today because of the Westpac effect. Market participants are expecting more RBA rate cuts to counter the bank's rate hikes, because the economic projections of the RBA are based on stable interest rates.

 

What was this in response to?

 

Well, it's stubbornly sticking to the 72-73 range.
Currently 0.7249

There has to be a show of confidence from the Fed in all their squarking about raising rates in the US. So far it's excuse after excuse to do nothing and push it out further.
Our RBA procrastinating is not helping lower the AUD either.

So, unless we get definitive conviction followed by action from either FED or RBA I reckon AUD will stay above 0.70.

 

Unless there is some overly adverse/positive news from Australia, US or China, it will trade in this range until it's given a reason not to. The technical traders are trading in this narrow range right now, but it will still go into the sixties in 2016 for the fundamentals discussed earlier in the thread.