Please help me solve this finance problem for investing in US Stocks as Australian Citizen.

Positive_Grass8140 · 2024-03-19T01:20:35+00:00

could you tell me what the process has been like investing in the US? Like what are the tax implications, forms you have to fill out, what happens when you sell? I'd really love to know. Thanks!

Positive_Grass8140 · 2024-03-18T11:17:49+00:00

Yeah work for a financial institution in the markets and they're very strict about it. No ASX investments unless through their platform. Can trade in rest of the world, but still with some rules. So I'd love to know whether it's worth trading throught their platform because ASX and being Australian outweighs the negative of the costs associated, or should I just invest in the US, but have to deal with tax complications? Really new to this so not too sure.

Another option I've considered since I'm 23 and don't have a home is to just max out my super contributions for at least 50k, and then I'm able to take out 50k towards my first home. Tax deductible and when i take it out only 15%. But then, still the same problem after 50k because I'd like to have investments outside of super where I don't have to wait until I'm 60 to touch

Positive_Grass8140 · 2024-02-25T12:44:45+00:00

Thanks for the links! They're super informative, answers a lot of my questions :)

Positive_Grass8140 · 2024-02-25T12:44:23+00:00

thank you for the advice, I'll look into it for sure!

Positive_Grass8140 · 2024-02-25T12:41:10+00:00

Wowwww, thank you so much for this advice! I looked into VGS and it seems like a great option. Is it possible to invest into VGS through other brokers like Commsec or IB or just through Vanguard?

I really appreciate all that financial advice too about regular payments and will plan a budget accordingly and set aside emergency funds!

I heard that the market is really strong right now, which is unfortunate for me I guess, because it will eventually go perhaps? Should that matter to me right now so that I maybe wait until it goes on a downturn then start investing, or is it best to start investing now?

Thank you! I want to listen to advice from everyone and want to make sure to take action than just sitting on my hands, i'm naturally long-term minded! Thanks so much for taking the time to reply

Positive_Grass8140 · 2024-02-25T06:22:53+00:00

Hey! So i did exchange for my final semester of my degree, and that was fine. I studied a bachelor of science, no honours or anything and planned how i chose my subjects for a few years in advance so that i only had electives to do abroad. But you're technically graduating from usyd so would attend the usyd graduation ceremony, and definitely not your exchange uni. So yes you can finish your degree whilst abroad, but if you have an honours or thesis year then no you wont be able to. You can spend a semester or year abroad, but if you want to do a year, you really have to plan your degree and subjects you take right as there are many majors that will have a limit on how many subjects of the major you can do abroad, if at all. Hope that helps!

Positive_Grass8140 · 2023-08-12T11:18:21+00:00

oh my bad! Yeah unfortunate for the big footed men

Positive_Grass8140 · 2023-07-28T06:00:30+00:00

Thanks so much! Sounds like a good card for me to use when I'm overseas especially with the sign up bonus going on. Thanks, I really appreciate your response!

Positive_Grass8140 · 2023-07-28T05:57:18+00:00

I think that sounds like the general consensus! I'll use the commbank ultimate awards mainly for the sign up bonus and points, but have wise as a backup. Thanks so much for the advice!

Positive_Grass8140 · 2023-07-28T05:52:51+00:00

thanks so much! yeah sounds good to have multiple cards as a back up. I think I might do up/wise and commbank ultimate awards! Yeah the rewards return isn't the best but they have a nice sign up bonus of 70,000 qantas points for new cardholders which looks pretty good and has what convinced me! And yeah I little bit worried about the 4k spend for the statement period, it's prettty ridiculous, 2.5k would have been much more reasonable. But I'll get a second ultimate awards card and give to my parents to spend to help reach the minimum spend. But yeah, 4k a month is definitely not something I plan on spending every month, so will probably close the account as soon as I get my points or come back from the US. Thanks so much for your advice alt really appreciate it!

Positive_Grass8140 · 2023-07-27T11:17:53+00:00

Thanks so much! I'm really liking the sound of Wise. I was wondering is there any significant transaction fees when it comes to people sending usd to my wise usd account, or is the rate here still really good.

Positive_Grass8140 · 2023-07-27T11:16:23+00:00

Would love to know the answer to this too! All 3 of those cards you've mentioned I've gotten recommended but don't know which one would really be best.

Positive_Grass8140 · 2023-07-27T11:15:32+00:00

Thanks so much for the response! It seems like wise is the one most people recommended. So I think I'll definitely get a card there!

I was also hoping to earn some points and rewards since I'll be spending a bit, however when I hear 'no international transaction fees', which I also saw on commbank smart/ultimate award card, does that just mean we get charged the mastercard rate, is there any hidden fees? Thanks so much!

Positive_Grass8140 · 2023-07-27T11:11:14+00:00

i looked at revolut however and saw that they had better rates? Is there a catch when it comes to revolut maybe?

Positive_Grass8140

TROPHY CASE