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I am domiciled and resident in the Caribbean Region. I have…

Customer Question

I am domiciled and resident...

I am domiciled and resident in the Caribbean Region.
I have held investments in Australian Ordinary Shares for almost 10 years.
In that time, I have not sold any of my shares but now intend to sell some (not all).
As a non-Australian Citizen, I wish to ensure that I proceed correctly re Tax Law.
Before I instruct an Australian Stock Broker, what Tax aspects must I consider?
If you believe I need particular advice, please provide your Firms name & address.
Thank you.
Regards
Anthony Simpson

Submitted: 13 years ago.Category: Australia Law

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Answered in 24 minutes by:

3/10/2010

Solicitor: Leon, Solicitor replied 13 years ago

Leon, Solicitor

Category: Australia Law

Satisfied Customers: 52,730

Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)

Verified

HI
you wil be liable for capital gains tax on the profit that you make on the shares you sell.When you do the tax return your accountant here will help you calculate the mount that is taxable.
As a non resident your tax liability is based on the non resident tax tables on the following link.
http://www.ato.gov.au/individuals/content.asp?doc=/content/12333.htm

I am not sure whether the Caribbean and Australia have a tax treaty where you get credit for tax paid here in the Caribbean. If they do you need to keep a copy of your assessment from here and provide it to you accountant in the Caribbean.
I hope this is of assistance and if so please click on the accept button

Leon, Solicitor

Category: Australia Law

Satisfied Customers: 52,730

Experience: BEc Dip Ed, Dip Law (SAB) MTax (UNSW)

Verified

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