I could also be wrong, but I am hearing rumblinsg that there may be some reglatory issue of American citizens trading options on some Asian exchanges. If anyone has heard of this .....
So if I set up an AUS superfund as a US trader, I am contributing to an AUS retirment scheme? Can I just transfer that money into my US IRAs when I leave/
You may want to consider setting up a company and obtaining a dealers licence or an investment advisors licence. The benefits of this are considerable for tax purposes here. Companies with dealers licences and or investment advisors licences qualify for "Offhore Unit Status" under Section 128AE (2) of the Income Tax Act. Thus means, that trading activity from sources outside Australia, including stocks. shares. futures, forex, gold, hedge fund management fees are taxed at a concessional rate of only 10 per cent. The standard corporate tax rate here is 30 per cent.
I have a call set up with the accountants for next week, but in the meantime I keep reading that there is a relatively new four-year period for US expats in Australian, who are tax residents, which I believe there is no way around for us. And during that four-year period, AUS will not tax worldwide income. BTW, I'm a tax-paying liberal Democrat, unlike many traders. But, IMHO, taxation of worldwide income by a country you're not even a citzen of is a bit of an overreach. I mean, if I sell or rent my house in Florida while in Australia for a yer or two, Australia wants to tax that income. Not cricket, in my book. This four-year exemption period, if it exists, certainly seems proper.
The only effective way of not paying any Australian income taxes is not to become a "Tax Resident". How this is done is by using the 183 day rule. This rule states that if a person is physically in Australia for less than 183 days of a year then that person is not a "Tax resident". So you might want to consider being here for less than 6 months for a year and come back again to Australia 184 days later again.
Not an option. will likely be there 10-11 months for each of the next two years. Don't mindpaying taxes on income I earn in Australia. But -- blimey, mate! --I'm hearing AUS wants to take the passive income I generate in the states from rental properties, capital gains from real estate sales, income from US dividends and interest -- even from investments, like munis, that are tax-exempt in the U.S. Hence my "not cricket" response.
No, that doesnt sound right, at all, your main liabilities in this situation should derive from the irs- the tricky bit is spousal income, and their status, really, thats where the big factors come into play. You need a good accountant/lawyer, period.
Interesting, I have never heard of this before. I'm an Australian citizen trading through a company structure. Could I take advantage of this for my trading in foreign futures markets?