Tax situation for non-resident citizen funding Forex account

[financialdonk]

Hi All,

Just looking for a bit of advice/help hopefully someone knows the situation. I am wanting to open a forex account on Oanda. I am not living in Australia (citizen but not resident) but still have banking there. Where does that leave me tax wise? Am I liable to pay Australian tax if I am using an international IP address to trade forex online and only using the Australian bank to withdraw funds too?

My take on it is that this would not result in me paying tax to ATO.

Any help appreciated.

 

[joea]

Hi.
I cannot help you directly with this, but can advise you that any help you get from somebody should be supported by actual data from ATO.
When Rudd was PM he made various changes.
i.e. Fly in - Fly out workers now have to coff up the difference in tax from Australia and the country they are working in.
So you should check that changes have not been made to how you understand your situation.
Cheers

 

[ashley]

Check if there is a tax treaty between Oz and your country of residence. If you were resident in Canada you are required to pay tax on world income, including gains on investments in Oz, and would not need to submit an ATO tax return. Your situation may be different, depending on your country of residence. The Oz banks will almost certainly disclose your transactions to the tax authorities in your country of residence. In the western world it's the close knit combination of banks and governments that keeps all us plebs paying our taxes. As Wikileaks Assange said, 'the western world has fiscalised its relationships'.

 

[financialdonk]

Thanks for reply guys. I am aware of recent tax changes by Rudd (half the reason for leaving). My US based company pays tax on my behalf to countries in which I work (currently Indonesia). I am living in SE Asia. My banking is in Australia.

It is probably a question that should be asked to Oanda themselves, whether they accept funds from an individuals account even if this account is not from their current country of residence.

Ashley - also humbled that my meagre question was able to break your 4 years of silence since signing onto ASF haha!