Anyone here live in Singapore?

[Starcraftmazter]

I'm right, you're are way off. Why? Because I've been paying tax as a trader for 7 years.

Your profile claims you are in Melbourne. We are discussing Singapore. Would you like to bring up the map and come to the realisation that two are different countries? Or maybe you would like to call your accountant for help?

http://singapore.angloinfo.com/countries/singapore/moretax.asp

Capital Gains Tax

Capital gains are not subject to tax in Singapore. For instance, if a person buys and sells shares at a profit, the profit is not subject to tax.

Just cannot be any more clear can it? Do you come from a non-English speaking country by any chance?

 

[McLovin]

2.4 Capital Gains Tax
There is no capital gains tax in Singapore. However, the Inland Revenue Authority of Singapore (IRAS) generally takes a very strict approach in determining whether a transaction is capital or revenue in nature and they are likely to look at a number of factors, including the frequency of the transactions, the period of ownership and the overall intention of the parties at the time of the transaction.

http://www.kpmg.com/Global/en/WhatW...Documents/Asia-Pacific-Taxation/Singapore.pdf

From experience, I can tell you Singapore has a reputation for bending companies over to make them prove they are entitled to the exemption and were not asset "trading".

 

[Trembling Hand]

http://www.kpmg.com/Global/en/WhatW...Documents/Asia-Pacific-Taxation/Singapore.pdf

McLovin let fools believe what they want. We may get rid of a few

 

[Starcraftmazter]

http://www.kpmg.com/Global/en/WhatW...Documents/Asia-Pacific-Taxation/Singapore.pdf

All transactions involving capital tax are revenue in nature; that makes no sense. I have never read more ambiguous thing in my life. But you know what? I couldn't care less.

But again - let us live in a magical world where you are correct. Let us say again that $250k SGD trading profits (very modest amount) will count as income.

In Singapore, that leaves me with $219,200 after tax.
In Australia, that leaves me with only $169,901.

That is a difference of $50,000.

 

[wayneL]

Luck does not factor into anything I do. Everything is logically calculated.

***SMIRKS****

 

[McLovin]

All transactions involving capital tax are revenue in nature; that makes no sense.

You're right, it doesn't make sense. But you wrote it not KPMG.

 

[DB008]

SCM;

How long have you been trading for (years/months)?
What returns have you made, per annum?
How much profit did you make last year?
How much cash are you going to go over to Singapore with? 200k? 400k? 800k?

 

[DB008]

SCM;

How long have you been trading for (years/months)?
What returns have you made, per annum?
How much profit did you make last year?
How much cash are you going to go over to Singapore with? 200k? 400k? 800k?

*bump*

 

[bellenuit]

One important thing to remember if you change residency from Australia to Singapore is that according to Australian tax law that is deemed to be a capital gains tax event. So any assets you may have that are subject to capital gains tax will be deemed to have been sold at the day your residency ends and you will pay capital gains tax on the gains, even though you continue to maintain ownership of the assets.

 

[McLovin]

One important thing to remember if you change residency from Australia to Singapore is that according to Australian tax law that is deemed to be a capital gains tax event. So any assets you may have that are subject to capital gains tax will be deemed to have been sold at the day your residency ends and you will pay capital gains tax on the gains, even though you continue to maintain ownership of the assets.

That's not entirely true, you can elect to disregard the capital gains and losses when you cease being resident. The gains/losses then continue to accumulate until the asset is sold or you become resident again. The actual provision is really just to stop people shifting assets offshore to avoid CGT.

 

[Starcraftmazter]

That's interesting - how would that apply to (physical) precious metals? Can you take them out of the country legally without any tax liabilities?

 

[Glen48]

Declare it all as personal jewelry as long as it is not 1 Kg bars plus the metal dec. will not pick it up as you go through the scanners so wear it around your neck.
Here are better place to go other than Malaya.

 

[Starcraftmazter]

Declare it all as personal jewelry as long as it is not 1 Kg bars plus the metal dec. will not pick it up as you go through the scanners so wear it around your neck.

Haha, I'll make a neckless out of gold coins

Here are better place to go other than Malaya.

I heard Philippines were very unsafe, foreigners even get security assigned to them when they leave the hotel?

 

[junhan]

im from singapore what do you wanna know?

 

[Glen48]

You can do that gold is gold no matter what shape it is in I didn't say come here there are other places as well unless you want to be a Muslin and live in Malaya, then again it could be safe going to a shopping center on the gold coast.

 

[Starcraftmazter]

im from singapore what do you wanna know?

Hey buddy, read the OP (original post).

Additionally, if you think there's any information someone could benefit from moving to your wonderful country, don't hesitate. For instance, are there any bad areas of Singapore to be avoided?

 

[junhan]

Hey buddy, read the OP (original post).

Additionally, if you think there's any information someone could benefit from moving to your wonderful country, don't hesitate. For instance, are there any bad areas of Singapore to be avoided?

Are they mostly Mandarin or English speaking? What about the companies which provide most of the jobs - do you need to know Mandarin?
English is our first language, therefore street signs etc are all in english. You do not need to know Mandarin to survive in singapore. But you do have to get used to the way we have mixed English with our various mother tongues(mandarin, malay and tamil) almost like a slang called Singlish.
http://en.wikipedia.org/wiki/Singlish
http://www.youtube.com/watch?v=4LhvAbMn6qM&feature=related

Is it easy to get residency there? Is there any reason why everyone doesn't move there?
Im not too sure if its easy to be a resident there but i know you cant hold dual citizenships maybe thats the reason.

Also I am curious about what happens in terms of trading shares in other markets tax-wise. If I continue using my Australian broker for shares/ML, while living in Singapore, do I have to pay any tax to Australia? If so, how do I get around this?
Im not too sure about the tax laws here as ive only been here for about 8months but i'd reckon that you still have to pay tax if youre using your australian broker.

Would Australian citizenship be a problem here? If so, would it be easier to trade other shares (say US, Euro) instead with no tax liabilities?
i dont forsee any problems with an Australian citizenship at all. but i do feel that the SGX stocks are alot more dull compared to ASX stocks. US would definitely be the way togo too. Brokerage fees are definitely cheap esp for international stocks while in Singapore. Commsec charges like what a 100 almost ?

Additionally, if you think there's any information someone could benefit from moving to your wonderful country, don't hesitate. For instance, are there any bad areas of Singapore to be avoided?
Hey dont worry man singapore is too damn safe. we have the strictest gun and drug laws ever..People are too law abiding. makes you feel like youre too sheltered sometimes. bad areas would be geylang/joochiat areas(red light district) but even then its still extremely safe.

feel free to ask more. im sorry if i cant answer you too well/much on the finance scene because i only kinda started when i got here for uni.

cheers

 

[Starcraftmazter]

feel free to ask more. im sorry if i cant answer you too well/much on the finance scene because i only kinda started when i got here for uni.

cheers

That's fine, big help already. So you moved to Singapore for uni? Just to try a new country or what? Where you from? And being a uni student, what do you do for accommodation there?

You say it's illegal to have dual citizenship in Singapore? Is there a reason for this? Kind of sucks. Is there a limit on how long you can stay there without citizenship, do you need to always have a job?

 

[junhan]

That's fine, big help already. So you moved to Singapore for uni? Just to try a new country or what? Where you from? And being a uni student, what do you do for accommodation there?

You say it's illegal to have dual citizenship in Singapore? Is there a reason for this? Kind of sucks. Is there a limit on how long you can stay there without citizenship, do you need to always have a job?

no i moved here for uni from singapore.
yeah its illegal to have dual citizenships but you can be a singaporean permanent resident whilst still holding onto your Australian citizenship.
this problem is more for your kids having to decide when they turn 21 between an australian citizenship and a singaporean one if your kids are born in singapore.

im not too sure how long you can stay without a citizenship, various expat visas or work permits have different time durations. a stardard tourist visa should last for 30days if im not wrong. i'd reckon you need a job for as a reason for staying longer than that