About capital gain of oversea stock account?
Question:
let's say, if i live in australia in PR or Temp Resid. Visa and control my USA/hong kong stock account by internet to buy and sell stock and there is profit will I need to pay report or the capital gain tax?
Answer:
If you are a temporary resident then you will not be subject to profits on the sale of your foreign stocks from 1 July 2006.
The attached article has more information.
If you are a permanent resident you will be taxed on worldwide income, including profits from sale of foreign stocks regardless of the account you use.
Therefore, it is an important distinction and you must find out if you are a temporary resident or a permanent resident.
More Questions & Answers...