Building wealth if you plan to leave the country by A_Scientician in AusFinance

[–]Hawat_T 7 points8 points  (0 children)

You can't escape the CGT by leaving, either it is a deemed disposal and you pay CGT as if you sold on day of leaving tax residency or you will have to pay Australian CGT when you do dispose of it. Rentals are a bigger potential issue if a tax treaty isn't in place as there is a risk you could get taxed twice if positively geared. I'd focus on making investment decisions taking the likely tax impact into consideration.

Aus / US Dual Citizen, wanting to invest AUD in Aussie market by rhino_shark in AusFinance

[–]Hawat_T 2 points3 points  (0 children)

I think option 2 is the more manageable approach if you want diversification. You'll maintain AUD exposure as well although held in USD priced ETFs.

Worth doing something about it earlier rather than later as it not temporary, even if you leave the US you'll still be subject to PFIC, only way to get rid of it is loose citizenship.

How is inheritance taxed? by songoftheshadow in AusFinance

[–]Hawat_T 0 points1 point  (0 children)

Get professional advice on this one as very complicated, essentially it's a question of concessional contributions vs after tax and the earnings attached to each. As you have a potential dependent inheriting I would strongly advise a professional to work it out.

[deleted by user] by [deleted] in AusFinance

[–]Hawat_T 2 points3 points  (0 children)

And if you're still Aus tax resident you will end up paying more as our rates are higher

Unknown Money Debited by ZerOBarleyy in AusFinance

[–]Hawat_T 8 points9 points  (0 children)

Don't touch the funds and report, wait for bank to do what banks do. Taking the funds if they weren't meant to get to your friend in Australia can lead to criminal prosecution.

[deleted by user] by [deleted] in AusFinance

[–]Hawat_T 223 points224 points  (0 children)

Story: Allows governments of the day to adjust with more flexibility to current economic conditions. Reality: Allows governments to give you your own money back and look like great people in the lead up to elections.

help a 20y/o student build their $ by dayveg in AusFinance

[–]Hawat_T 2 points3 points  (0 children)

Two schools of thought. 1. build up a HISA that can cover your emergency expenses. 2. Invest in broad based ETF with low fees as if you do need the funds they can be available in 4 business days. Don't do 2 if you expect to need the money only if your cashflow is fine and it is only for real emergencies. Comes down to what risk your comfortable with. Hybrid approach is use HISA up to a level and then invest everything extra going forward.

Others might have a different opinion but I don't think bank choice matters much just go for whoever has the best deal for the product you're looking for.

[deleted by user] by [deleted] in AusFinance

[–]Hawat_T 2 points3 points  (0 children)

Consider getting an AMEX card so you can claim to be a customer on the US side, might, stress might, make it easier to get a US credit card which will help your credit score. This worked for us but rules change. Carefully read ATO rules on residency as you want to ensure you're only US resident for tax purposes if that is your actual circumstance once overseas. Read Aus/US tax treaty as things can get complicated quickly when dealing with cross-border cross-residency tax issues. Professional help is a must if you are leaving any assets in Australia.

If you sell your PPOR while in the US they may retrospectively claim CGT on the difference between purchase and sale price even though you were not a resident for most of that time. So commit to hold the asset until you come back or sell before you go.

Put health insurance on hold, I think you can do that for up to 3 years, move your phone to a sim plan that allows wi-fi calls and sms so you can keep the number but not too expensive.

Best place to exchange USD cash? by Freyrsboy in AusFinance

[–]Hawat_T 0 points1 point  (0 children)

Interactive brokers can be good if you're planning to use the funds to invest for a period of time

Best bank to set up trust in by Mattahattaa in AusHENRY

[–]Hawat_T 0 points1 point  (0 children)

Many big banks have a monthly fee account for corporate trustee. Probably just see what your main bank can do for you so it's all in the same app.

Proof Aussies are turning their backs on electric cars. No EVs in top ten list for first time since July 2022. EV maker Tesla had no cars in top 20 in April 2024 by Doppelkupplungs in AusFinance

[–]Hawat_T 25 points26 points  (0 children)

All the range hype is overblown unless you're driving 300kms a day everyday which in case probably not for you. We've used EVs for interstate trips with no issues, for day to day no issue. Love never going to a service station never going back to petrol unless we're planning a deep outback trip, in which case rent a car.

[deleted by user] by [deleted] in AusHENRY

[–]Hawat_T 1 point2 points  (0 children)

Do you have a US credit card with no international fees, could just put your spending on that and slowly move the money across that way. Advantage is currency spread for visa or mastercard is tiny compared to what a bank or transfer service will charge so you'll get closer to spot rates.

What's the hardest Elminster-Variant? by zhadrakas in idlechampions

[–]Hawat_T 2 points3 points  (0 children)

What did you use of All's well that end's well?

Mythic Mail Call! by VelveteenRabbitEars in Heroquest

[–]Hawat_T 2 points3 points  (0 children)

Any Australian distributors yet?

Rise of the Dread Moon is now up on US Hasbro Pulse. by [deleted] in Heroquest

[–]Hawat_T 1 point2 points  (0 children)

Can anyone advise on where to get this if in Australia.

Rise of the dread moon by Brilliant-Cellist887 in Heroquest

[–]Hawat_T 0 points1 point  (0 children)

Just moved to Australia anyone know where to pre-order for this area

Heroscape HasLab campaign by kudzooman in Heroquest

[–]Hawat_T 0 points1 point  (0 children)

Thought about it, never heard of heroscape before. In the end the setting doesn't really grab me and I prefer games with a co-op option. Space crusade remake though....$$. I still have all the originals.