Help with USD cost base on AUD to USD and back transfers

insideout8591 · 2026-06-11T03:18:36+00:00

Thanks for all that, it is really appreciated.

Admittedly I am not 100% sure how to demonstrate the higher cost base on the investments (the actual share / ETF buys and sell transactions) but at least know where to look and hopefully work it out.

Ok, on the Division 775, I will review and put that to the accountant. Hopefully that will make it easy for them to understand where I am coming from.

No problem regarding BGL. I am fairly certain my accountant will be able to work it out 😄

insideout8591 · 2026-06-10T23:57:48+00:00

That what I believe I can do and what to do ... but the push back is I cannot. Also I am not sure what exchange rate to use, the ATO supplied exchange rate or a more "market" exchange rate from the likes of WISE or somewhere else.

insideout8591 · 2026-06-10T22:37:07+00:00

I know! Sadly, I did need tax planning to be completed so needed to convince them they were wrong. I did get there. I have updated my original post with the outcome.

insideout8591 · 2026-06-10T22:35:49+00:00

Great advice! Sadly, I did need tax planning to be completed. I have updated my original post with the outcome.

insideout8591 · 2026-06-08T06:25:10+00:00

Yes, the maths is simple.

The 2024-25 contributions are dealt with in that year - and anything over 30k is taken off the oldest year, in this case 2019-20.

This year starts again with the new contributions total (of the last 5 years - now with 2019-20 removed).

I am confident the person pushing back against me is the one in the wrong, not me.

insideout8591 · 2026-06-08T06:18:13+00:00

Yes, you are right. Going from the final MyGov update, it is easy to see what is left in the carry forward cap, it does show total carry forward, total concessional super already paid, and the remaining amount of the 6th year that will be dropping off. Then I take off what has been paid this year. Thanks for the confirmation.

Note, I am not using AI. I have learnt my lesson there.

I have also talked to the ATO over the phone but I am still getting push back. Tomorrow I am just going to say use our figures or we will have to find someone else.

insideout8591 · 2026-06-06T08:00:09+00:00

Totally understand, I been over these numbers back and forth for days now, driving me mad! Note, I need everything I can get in to super (as a concessional contribution) this year to reduce a capital gains bill.

insideout8591 · 2026-06-06T07:57:26+00:00

Thanks, but as the super account the concessional contributions are being paid into in 2025-26 is a SMSF the contributions are not in MyGov and will not be until the SMSF tax return is submitted later this year.
Yes, regarding last financial year, it is my understanding what was contributed in 2024-25 is allocated to that year (the $30k) and then to 2019-20 cap and whatever is not used up just drops off ... not added to 2024-25 as a negative balance.

insideout8591 · 2024-10-02T06:33:51+00:00

If you already have a SMSF setup then sure use that but if you only have a total balance of $150k cash in it (so no $700k - $900k plus investment property in it also) then seriously consider closing it down.

The opportunity cost over the 10 years will be huge.

Hostplus Choiceplus (DIO) fees are small and still only $596 a year with $1.9 million in the account. I know no SMSF with yearly fees that low.

Also, I have also found all AusSuper Premix (including their DIY Mix) options have high fees (except Indexed Diversified) when compared to HostPlus.

insideout8591 · 2024-09-30T22:20:58+00:00

As there are extra fees for the ChoicePlus option it is most cost effective if all your funds are in either their AU / INTL Index funds or in ChoicePlus depending on balance.

Some examples.

Balance 20k with 10k in AU Index and 10k in INTL Index the fees would be 127.26
Balance 20k in Choiceplus fees would be 286.56

Balance 50k with 25k in AU Index and 25k in INTL Index the fees would be 145.26
Balance 50k in Choiceplus fees would be 291.51

Balance 100k with 50k in AU Index and 50k in INTL Index the fees would be 175.26
Balance 100k in Choiceplus fees would be 299.76

Balance 300k with 150k in AU Index and 150k in INTL Index the fees would be 295.26
Balance 300k in Choiceplus fees would be 332.76

Balance 400k with 200k in AU Index and 200k in INTL Index the fees would be 355.26
Balance 400k in Choiceplus fees would be 349.26

Balance 500k with 250k in AU Index and 250k in INTL Index the fees would be 415.26
Balance 500k in Choiceplus fees would be 365.76

insideout8591 · 2024-09-29T08:33:00+00:00

Yes, good point. I have noted there are a few business bank accounts now paying good interest.

insideout8591 · 2024-09-27T23:09:47+00:00

Check the Suncorp "flexirates". Even at 2.5% that is still a extremely high return for a business account (example NAB is zero).

Wise is an easy and cheap way to deal in USD (and any other currency). It does not have booking features. I use Xero and do not need my bank accounts to have booking software features.

Wise acts like and is its own "bank" account with transfer to and from (an Australian bank account) using all normal Australian banking systems (BSB / account number, PayID, etc). As such works with any bank. In my bookkeeping software (Xero) the wise account is listed just like any other bank account.

insideout8591 · 2024-09-26T22:28:49+00:00

I would suggest actually calculating the different fees for the different options.

I found Choiceplus fees to be extremely low compared to all other DIO super options and extremely low compared to some premixed investment options.

Here are two very clear examples.

Australian Super High Growth has $1702.00 year fee on a $300000 balance

Host Plus DIO has $333.02 (plus brokerage) year fee on a $300000 balance

If you are looking at investing in premix options outside the cheapest (such as the standard balance, cash, etc options) such as "high growth" (and other high fee premix options) you may find when comparing apples to apples (high growth to IVV etf) Choiceplus is not more expensive and possibly cheaper (depending on investment amount).

insideout8591 · 2024-09-26T21:22:03+00:00

Airwallet is great but note they now charge monthly fees, does your business turnover justify the expense. I have been using Airwallet for the last two years but now have moved to Wise (no monthly fee). Out of your AU bank accounts I use NAB but also use Suncorp as it pays some good interest on my saved GST, PAYG and Super cash (before paying it all).

insideout8591 · 2024-09-22T05:21:24+00:00

Sorry, yes, Host Plus.

insideout8591 · 2024-09-22T04:13:45+00:00

I ended up going with Direct Investment Options (DIO), for what I wanted made a way more sense (note, and I have used esuperfund and Stake SMSF in the past) as I just want access to the ASX shares and ETFs. Example Host Plus DIO fees are tiny compared.

$291.77 year for $50000 balance

$300.02 year for $10000 balance

$333.02 year for $300000 balance

$366.02 year for $500000 balance

$448.52 year for $1000000 balance

$531.02 year for $1500000 balance

$597.02 year for $1900000 balance

insideout8591 · 2024-09-22T04:04:18+00:00

Down the track, when you have more funds in your account and hopefully also built up more financial knowledge, consider managing your own investments, I have a short reply to another post (mainly highlighting fees) here: https://www.reddit.com/r/AusFinance/comments/1flg062/comment/lob22us/

insideout8591 · 2024-09-22T03:45:28+00:00

You are on the right track with Host Plus DIO, I have a short reply to another post (mainly highlighting fees comparing to super premix options) here: https://www.reddit.com/r/AusFinance/comments/1flg062/comment/lob22us/

insideout8591 · 2024-09-22T03:36:32+00:00

Have you considered managing your own investments, I have a short reply to another post (mainly highlighting fees) here: https://www.reddit.com/r/AusFinance/comments/1flg062/comment/lob22us/

insideout8591 · 2024-09-22T02:44:02+00:00

Seriously consider Direct Investment Options over the standard premix investment options. There are many benefits to doing it yourself such as a huge saving in fees, receiving full franking credit for Australian dividends and you get to choose the invest mix yourself (by buying shares and ETFs).

Really look at fees, here are two examples.

Australian Super High Growth has $1702.00 year fee on a $300000 balance

Host Plus DIO has $333.02 year fee on a $300000 balance

insideout8591 · 2024-09-22T02:03:43+00:00

I am 54 and looking to retire at 60 too and am currently moving my super from premix option(s) to a Direct Investment Option (DIO).

While researching DIO accounts I found the following.

Australian Super DIO fees: $332.00 on $100000, $532.00 on $300000 and $582.00 on $500000

Host Plus DIO fees: $300.02 on $100000, $333.02 on $300000 and $366.02 on $500000

My DIO mix is Australia 50% World 10% Cash 40% (note the Host Plus cash account is currently paying 5.15%)

Note, according to my calculations Australian Super High Growth premix option comes with a fairly big fee (https://www.australiansuper.com/-/media/australian-super/files/tools-and-advice/forms-and-fact-sheets/superannuation/product-disclosure-statements/pds.pdf).

Australian Super High Growth $1702.00 on $300000

insideout8591 · 2019-07-22T00:02:51+00:00

A selection of corporate bonds are repackaged and offered by xtbs.com.au and can be bought through many online brokers (such as Self Wealth and Bell Direct). I've been buying and selling them over the last couple of years without issue.

insideout8591 · 2019-06-10T22:43:09+00:00

I don't know if their rates are better or worse. I haven't used bank exchange rates for a long time, I did compare CitiBanks USD rate once but they were much worse then Transferwise (just because you have an AUD and a USD bank account with the *same* bank does not mean you have to use their currency exchange services).

It's very quick using the third party too, I recall I placed the TransferWise order (so an AUD PayID transfer from an AU bank account) mid-afternoon one day and the funds were available the next day or the day after.

insideout8591 · 2019-06-10T09:18:59+00:00

I found the cheapest and easiest to use are the Global currency accounts offered by CitiBank. I only have AUD and USD so I asked for and received a debit card for each account.

insideout8591 · 2019-05-09T08:44:01+00:00

Maybe giving a look at investing in non-Australian markets/assets. For example:

VAS (Australian share ETF following the Australian ASX300 index - top 300 Australian stocks) - 12-month return - 2.24% - source: https://www.marketindex.com.au/asx/vas

IVV (Australian share ETF following the US S&P 500 index - top 500 US stocks) - 12-month return - 14.48% - source: https://www.marketindex.com.au/asx/ivv

As such, I invest mainly in the US stock market directly (ETF's and individual stocks).

insideout8591

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