do i pay us tax on us profits, page-5

hi Rob,

You got to think this way :

you are aussie, so you've got attachments with Australia and needs to declare all your earnings income for the year.

If you are living outside Australia, you probably already are being taxed on your current work/job, now extra income will be taxed depending of various situations. Are your trading thru a australian broker ? Have you got residence on the country you are living in Asia ? Have you open a trust account in the country you are living ?

As far as many countries legislations goes, you don't even need to be a resident, but if you declare that you had no income inside the country you originaly came from you will only pay taxes on the country you are currently living (Asia). Whereever (Australia or Asia) you will declare your profits from your income, you will then pay taxes there...NOT IN USA.

Now, the need to pay it, is another matter.... you will need to consult someone over there....

Be aware of some loopholes that will entitle you to not pay tax on some investments when dealing overseas....it's a matter of finding someone on the known (accountatnt there) and setting up the right system.

Think also about it when you return here and have to bring your earnings/income/profit to the country....

Unfortunately Australia is tax hungry so you need to have your system set up.

Research well before get "them"(tax office) know about your situation.

cheers

Moved from the "United States" forum. Original message number: 536