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- 10 August 2008
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Hi everyone,
I was after an opinion on transferring shares into a US based brokerage account, I heard this could be a pain in the a***.
My plan is to sell my stocks from my Australian account and simultaneously buy the same stock via the US account; the intension is to avoid a CGT event. I’ve also got a couple of stocks that are in the red so the ATO won’t allow me to claim a loss because it looks like a wash sale, and I’m happy with that because my intent is not to wash.
Therefore if I’m not claiming losses and all the sell/buys are done at the same price surely the ATO will view it as a direct transfer.
I’m going to see my accountant in the new year before I action this plan but I would be interested to here what you guys think of this.
I was after an opinion on transferring shares into a US based brokerage account, I heard this could be a pain in the a***.
My plan is to sell my stocks from my Australian account and simultaneously buy the same stock via the US account; the intension is to avoid a CGT event. I’ve also got a couple of stocks that are in the red so the ATO won’t allow me to claim a loss because it looks like a wash sale, and I’m happy with that because my intent is not to wash.
Therefore if I’m not claiming losses and all the sell/buys are done at the same price surely the ATO will view it as a direct transfer.
I’m going to see my accountant in the new year before I action this plan but I would be interested to here what you guys think of this.
