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According to chief market strategist at CMC Markets and host of The Artful Trader podcast Michael McCarthy, there are certain investor personality traits that seem to predict success in the share market.

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In this episode of the nestegg Podcast, Michael joins host Grace Ormsby to outline exactly what these characteristics are, the difference between high-risk and low-risk appetites, and how investors can apply different strategies depending on their own personality type.

Michael also explains how fear can be both helpful and a hindrance for confident decision-making, why failure is a crucial process for investors seeking growth, and where budding investors can begin educating themselves about the markets.

Thanks Matthew, for sharing your insights with the nestegg podcast team!

You can keep up to date with what CMC Markets are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Saturday, 29 February 2020

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Moving overseas? Check your tax status first

By Cameron Micallef · February 11 2020

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Earn

Moving overseas? Check your tax status first

By Cameron Micallef
February 11 2020

Reading:

Moving overseas? Check your tax status first

By Cameron Micallef · February 11 2020

Reading:

While moving overseas for work can be an opportunity for workers to enhance future career prospects, they are being warned to know their tax status.

In a conversation with nestegg, H&R Blocks director of tax communications Mark Chapman explained the tax implications for Aussies looking to work overseas.

The tax professional explained it all depends on whether the Australian Taxation Office considers the individual to be an Australian resident for tax purposes.

“If you’re going overseas for good, for example, if you move to the UK because you get a job over there, you might buy a house, hook up with a partner, you decide to stay in the UK, you sever your tax ties to Australia and you no longer have to pay Australian tax,” Mr Chapman explained.

Mr Chapman explained income earned in Australia will still be taxed in Australia, but foreign income will no longer be taxed in Australia.

“In relation to any income that arises in Australia – for example, a rental property – you would still have to pay tax in regard to that. In terms of your UK income, the ATO could no longer touch that,” Mr Chapman continued.

The tax specialist explained the tax rules change for individuals who are only leaving temporarily and plan to return to Australia.

Mr Chapman explained: “In a scenario where you might move to the UK for a period of time but you always tend to come back, in that situation you’ll often have to pay tax here in Australia in relation to your UK income because you have not severed your tax ties with Australia as you’re still regarded as a tax resident in Australia.

“Where the dividing line between going for good and going temporarily is quite a grey area. So, it’s definitely worth while taking advice just to determine whether you’ll have an Australian tax liability.”

Who counts as an Australian tax resident?

The ATO considers an Australian overseas as a tax resident if they:

Reside in Australia
Have a permanent home in Australia
Have spent more than half of the financial year in Australia
Are a government employee working at an Australian overseas post

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.