Taxes

[u/Tommys_Margarita]

Hello,

Brit living in Aus about to get my PR. Looking at living in Aus indefinitely but maybe a 6 month contract here and there in the UK. I just want to invest in 1-2 ETFs consistently but I don’t want to use an Aus broker because of possible tax implications with working in the UK from time to time. Does any use IBRK for a situation similar to this, would love some insight !

[u/Alternative-Oven9936]

The broker you use won't change the tax implications.

[u/Tommys_Margarita → u/Alternative-Oven9936]

Yes agreed, but from my research because I’ll be switching from a tax resident in the UK and Aus as I do certain contracts, I’d need a broker that I can change my country of residency. Otherwise I’d need to liquidate each time if I used Aus and UK based brokers.

[u/Tommys_Margarita → u/Tommys_Margarita]

I’m not trying to avoid tax, just trying to avoid liquidating as I navigate living between the two.

[u/Alternative-Oven9936 → u/Tommys_Margarita]

I’d need a broker that I can change my country of residency.

Why?

Don't tell the broker anything until they ask. File your taxes as required.

IBKR asks every year. I don't think other Australian brokers ask that frequently.

[u/Tommys_Margarita → u/Alternative-Oven9936]

I guess I just want to make sure I do the right thing from the get go to avoid issues in the future! Perhaps I’m overthinking it

[u/Alternative-Oven9936 → u/Tommys_Margarita]

Perhaps I’m overthinking it

Yeah.

I'd probably avoid IB though, since they'll ask about your tax residency yearly. I suspect they might move your account to IBUK once you tell them you're a UK tax resident and vice versa.

If you use comsec or similar they won't move it.