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Post by petebutt43 on Apr 20, 2015 13:24:52 GMT
c I have been in contact with the thincats Australia team. I nearly completed registration, but have held back due to the fact that they would withhold 10% income tax regardless of the fact that iIwould have been an offshore investor. This might not be a problem for others, who might like to invest in Australian P2P. info and rgistration can be initiated at: www.thincats.com.au/ |
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mikes1531
Member of DD Central
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Post by mikes1531 on Apr 20, 2015 19:19:57 GMT
I have been in contact with the thincats Australia team. I nearly completed registration, but have held back due to the fact that they would withhold 10% income tax regardless of the fact that iIwould have been an offshore investor. This might not be a problem for others, who might like to invest in Australian P2P. info and rgistration can be initiated at: www.thincats.com.au/AIUI, if you're in the UK and you're willing to go through the claim process along with a self-assessment tax return, I think you can get most, if not all, of any income tax withheld by the Australian government credited against your UK tax bill on the Australian income. That wouldn't help anyone not paying UK income tax, of course. Usual disclaimer: I am not an expert. This is not advice. Do your own research.
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Post by tybalt on Apr 21, 2015 6:48:05 GMT
At Aus$ 1000 say £500 minimum investment and currency risk / transfer costs unless I knew I would be spending in Aus$ and had a currency bank account not for me.
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Vero
Member of DD Central
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Post by Vero on Apr 24, 2015 0:59:08 GMT
Kind of related, in case it's useful, for international banking like this - I would recommend HSBC Globalview (free to HSBC premier account holders).
In normal UK HSBC internet banking just click Globalview to operate accounts in both the UK & Aus (or any other HSBC country, for that matter) at the same time. You can transfer funds between accounts in different countries - instantly.
The ROE is decent, considering, (usually about 1% spread on the live forex rate) but importantly ZERO charges and the funds are there in Aus (or back here) *instantly*.
I logged into some other Aus bank accounts to check, and watched funds move from £ in UK HSBC, to $ in Aus HSBC, to $ in a completely different Aus bank - all in a few seconds.
I've not found any other bank offering this - I'm so impressed!
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Vero
Member of DD Central
Posts: 196
Likes: 163
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Post by Vero on Apr 24, 2015 1:40:39 GMT
c I have been in contact with the thincats Australia team. I nearly completed registration, but have held back due to the fact that they would withhold 10% income tax regardless of the fact that iIwould have been an offshore investor. This might not be a problem for others, who might like to invest in Australian P2P. info and rgistration can be initiated at: www.thincats.com.au/BTW the income tax is not withheld for (Aus) investors who provide their Tax File No.
The Australian Securities and Investment Commission (ASIC) is a little stricter than the FCA, you cannot just self certify as a HNWI or sophisticated investor as you can in the UK.
An individual is generally either a Sophisticated Investor (debt or shares) or a Wholesale Client (financial products), and both require a certificate signed by a chartered accountant certifying you have aggregate net assets of at least $2.5million or aggregate gross income over $250k for the past 2 years. This is explained in detail on the ASIC website.
(Thin Cats Au request a Wholesale Client certificate).
The dashboard currently indicates 156 registered lenders, 2 live loans at present, both at 14%, nothing on the secondary market.
PS and the ReBS based platform feels nice and familiar, but in clean and simple white/black colours with TC branding and customisation - very fast so far.
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