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Returning home from Australia, tax considerations and setting up a PRSA

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  • 15-07-2020 9:16pm
    #1
    jwof2006
    Registered Users Posts: 134 ✭✭


    Hello 👋

    Sorry might be a few stupid questions here.

    Have just returned from Australia where I bought some shares-- individual and in ETFs. Had never done this before but seemed very accessible over there. I have the dividends being reinvested.

    I presume as I will be tax resident in Ireland again that I will pay tax on these through Revenue? Do I have to report my shares to them or how will they know I have them?

    Now that I'm home I am hoping to buy some similar shares here and have signed up with Degiro? Am I better off using an Irish stockbroker, the idea that the shares are not directly in my name seems unusual, is there added risk if Degiro fails?

    Another thing that I am hoping to get set up is a PRSA to mimic the Australian Superannuation, could anyone suggest a low cost(fee) PRSA fund to use? Do you just supply employers with the details and they are happy to pay into it?

    Thanks for any help :)


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    #2
    Shedite27
    Registered Users Posts: 9,370 ✭✭✭Shedite27


    1. Tax on dividends is self-declarative. Get registered with ROS and this becomes a 5 minute job whenever you get dividends (or you can do it annually)

    2. Not sure what you mean by the shares not being in your name with Degiro. Think eToro, Plus200 and revolut are the ones that aren't in your name. Degiro far cheaper than Irish Brokers (50c a trade v €20 with Davy)

    3. I'm not familiar with Superannuation, doubt there's any free PRSA's in Ireland, about 0.5% per annum is cheapest out there I think


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    #3
    jwof2006
    Registered Users Posts: 134 ✭✭jwof2006


    Shedite27 wrote: »
    1. Tax on dividends is self-declarative. Get registered with ROS and this becomes a 5 minute job whenever you get dividends (or you can do it annually)

    2. Not sure what you mean by the shares not being in your name with Degiro. Think eToro, Plus200 and revolut are the ones that aren't in your name. Degiro far cheaper than Irish Brokers (50c a trade v €20 with Davy)

    3. I'm not familiar with Superannuation, doubt there's any free PRSA's in Ireland, about 0.5% per annum is cheapest out there I think

    Thanks for the reply, appreciate it.

    1 . Perfect will probably do it annually starting now with this years tax return in January. As the ETFs are Australian domiciled I think I just pay CGT and tax on dividends as normal.

    2. Yea I have just read a few places about there being Basic and Custody accounts on Degiro. The impression I get is that custody is the safer option of these two? Am hoping to invest in some ETFs and have been reading up on the tax situation with these.

    3. Yea management fees seem to be a bit higher alright, have contacted a few brokers there today so will hopefully get that set up now so I can start growing it. Is it best to go through a broker like LA brokers or go direct?


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    #4
    Shedite27
    Registered Users Posts: 9,370 ✭✭✭Shedite27


    jwof2006 wrote: »
    Thanks for the reply, appreciate it.

    1 . Perfect will probably do it annually starting now with this years tax return in January. As the ETFs are Australian domiciled I think I just pay CGT and tax on dividends as normal.

    2. Yea I have just read a few places about there being Basic and Custody accounts on Degiro. The impression I get is that custody is the safer option of these two? Am hoping to invest in some ETFs and have been reading up on the tax situation with these.

    3. Yea management fees seem to be a bit higher alright, have contacted a few brokers there today so will hopefully get that set up now so I can start growing it. Is it best to go through a broker like LA brokers or go direct?
    On number 2, I went basic as you can upgrade that to other options that allow you trade on margin if you think you'll use that in the morning. I think Custody is more expensive trading fees too.

    On 3, brokers actually have some special offers that can be better than going direct. It's kinda like when you find hotels cheaper on booking.com than on the hotels website. No harm pricing both. There's only a few places sell direct anyway, may onyl be Irish Life at this stage


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