howdy PC community Wasn’t sure what forum to put this in but at the end of the day it’s a tax question so thought I would put it in here Looking for some guidance whilst chatting to my accountant what I should be thinking of Tax wise in regards to the Shares I own in the US, are owned in a Family Trust but it is more of a Traders strategy than a Buy and hold, shares do turnover and not purely Buy Orders. Are there particular forms I should be looking to filling out or is more of a case of same same if they were on the ASX apart from areas such as withholding tax A starting point would be appreciated Thanks so much
I use interactive brokers and they give me statements that I give to my accountant - regardless of where I am buying/selling. There was a lot of paperwork to set up but that was once off a long time ago.
I cant help you Australian tax wise as im here in the USA.....this said....I've used 4 of the major trading platforms and after trying them all settled on TD Ameritrade Think Or Swim software as the best of the bunch. My only issue when doing the automated tax document upload with HR Bllock was that sale transaction with various acquisition trading dates I needed to click a drop down button with 4 options that said "short term capital gains various dates" (31 examples last year) which was a PITA but I figure if that's my worse problem at tax time.....its a pretty good problem to have. Ive never tried Interactive Brokers btw.....but I found their "we pay you interest for your unused cash" advertisements to be misleading (in the fine print you find out its a little more complicated than first view) which is why I gave them a miss when selecting platforms.
T Thanks Bunkai. I actually trade through the IB platform so really appreciate your reply. In regards to the paperwork to set up is that in regards to the opening of the account to trade or other paperwork to have “all your ducks in a row” to meet all the requirements from a tax perspective? Thanks once again
All makes sense thanks .This year is my first year in trading in the US so will be interesting how difficult it is to give my accountant everything he needs. Thanks again Dean
It is all in the portal ... From memory the withholding tax declaration has to be resigned every 3 years.
