International Shares - What Paperwork Is Required?

Hi Ozbargain Community,

Background:
I thought I will give a crack at the share market reading some of the financial threads over here and bought some international shares using CMC and Nabtrade. I had the following questions and was looking for answers:

Situation:

With the Australian shares, I received letters (hard copy) stating that I have made the purchase but never received any letters (hard copy) for the international shares. Is that how it works? Or do I need to do something about it?

Second question from the ATO perspective, with the ASX shares, I have provided the TFN information on both the platforms (NAB and CMC) as well as on the Likt and Computershare platforms ? Do I need to complete any more paperwork to meet the ATO regulations?

Third question- what do I need to do for the international share from tax perspective? Do I need to fill out the W-8BEN form? From memory, I think I filled it out on CMC trade but am not sure it is available on NABtrade? Any advice on it to meet the regulations requirements?

Any other advice related to this topic from your experience

Thanks in advance for taking time and providing advice/information.

Comments

  • +1 vote

    Looked into intl shares, came out way too complicated, went with asx ETF comprised of intl stocks

  • +1 vote
    1. Comes down to the broker. Some send paper statements and trade confirms, others don't. You might be able to request them from the broker if it's important for you.

    2. No - just the tax return at the end of the year.

    3. The W-8BEN is for US tax. It should be a part of the onboarding process when you sign up with a broker. Other countries don't seem to have a similar form.

  • +1 vote

    Im surprised you haven't asked about how you receive dividends and if u need a US bank account and all that jazz

    •  

      Can you elaborate please

      •  

        well, if you get entitled to shares here, you get money in your bank. What do you get, and how, when, say, Apple declares you a dividend?

  • +1 vote

    is it possible to buy from the stock exchange of your choice? Like buying direct from the Hong Kong stock exchange and setting up an account.

    • +1 vote

      You can use the nabtrade as it does have HK stocks, maybe not all.
      CMC allows to buy international shares, but not sure whether it has HK share on its list.
      Hope that helps.

  •  

    Thanks for the comments everyone.
    I bought the share using the CMC Stockbroking and NAB tade platform, so no broker used in the transactions.