Hi guys.
my brother lives overseas. He opened a trading account and has been trading AUstralian shares. He doesn't have any other income in Australia.
In fact, he doesnt even have a TFN.
I woudl like to know, does he need to pay tax such as CGT on his stock profit?
I read up on some articles online and some say non-residents dont have to pay CGT for australian shares, is that accurate?
But the thing is he trades mostly Australian mining shares (iron, gold, oil), I think in some ways that is related to Australian land/property? I think trading in such company may make him need to pay CGT?
Any accountant know anything about this?
If you have experience doing tax for someone in such a situation, maybe I can ask him to use your service........
my brother lives overseas. He opened a trading account and has been trading AUstralian shares. He doesn't have any other income in Australia.
In fact, he doesnt even have a TFN.
I woudl like to know, does he need to pay tax such as CGT on his stock profit?
I read up on some articles online and some say non-residents dont have to pay CGT for australian shares, is that accurate?
But the thing is he trades mostly Australian mining shares (iron, gold, oil), I think in some ways that is related to Australian land/property? I think trading in such company may make him need to pay CGT?
Any accountant know anything about this?
If you have experience doing tax for someone in such a situation, maybe I can ask him to use your service........
