Selfwealth accounts are available to people who are Australian residents for tax purposes and have an Australian residential address. If you move overseas or your tax residency changes, please tell us, because it can affect whether you can keep your account.
What applies to me?
| Your situation | What it means for your account |
|---|---|
| Travelling or temporarily overseas, and still an Australian tax resident | You can keep using your account as normal. See the tips below so you don't get locked out. |
| Now a tax resident of another country as well as Australia | You can usually keep your account while you remain an Australian tax resident. Tell us, and give us your foreign Tax Identification Number (TIN). |
| No longer an Australian tax resident | We aren't able to keep your account open. Contact us and we'll help you move or sell your holdings and close the account. |
I'm travelling or temporarily overseas
Before you leave, check these so you can still log in and withdraw:
- Login codes: an authenticator app works anywhere. SMS codes only arrive if your Australian mobile number has roaming. Save your MFA recovery codes somewhere safe.
- Contact details: make sure your email address is current. Updating your email or mobile number requires identity verification, which is much easier while you still have your Australian mobile number.
- Withdrawals: funds can only be withdrawn to your nominated Australian bank account, so keep it open.
I've become a tax resident of another country
Under the Common Reporting Standard (CRS) and FATCA, we must record every country you're a tax resident of and report it to the Australian Taxation Office (ATO). Tell us the country and your TIN for that country. See Why has Selfwealth asked for my foreign TIN?
If you trade US shares, your W-8BEN form must also show your current country of tax residence. US citizens and US residents aren't eligible for US trading.
I'm no longer an Australian tax resident
Contact us as soon as your status changes. We'll confirm your details and explain your options for your holdings before the account is closed:
- Transfer your shares to another broker that accepts non-residents
- Convert your ASX shares to issuer-sponsored holdings, held directly with each company's share registry
- Sell your shares and withdraw the cash to your nominated bank account
See How can I close my account? for how each option works.
What should I tell Selfwealth?
Contact a Customer Advocate via live chat or at support@selfwealth.com.au with:
- Your Selfwealth ID
- The date you moved, or the date your tax residency changed
- Your new country of residence and whether you're still an Australian tax resident
- Your TIN for any other country you're a tax resident of
- Whether the move is temporary or permanent
How do I know if I'm still an Australian tax resident?
Tax residency isn't the same as citizenship or visa status, and it depends on your circumstances. The ATO explains the tests at Your tax residency. See also Am I an Australian Resident for tax purposes?
Ceasing to be an Australian resident can also have capital gains tax consequences for shares you hold. See the ATO's How changing residency affects CGT.
Selfwealth can't give tax advice or tell you what your tax residency status is. If you're unsure, please speak to a registered tax adviser.
Common questions
Can I change my address to an overseas address? Your Selfwealth account needs an Australian residential address. If you're moving overseas permanently, contact us instead of updating your address.
I'm overseas and can't receive my login code. Use your authenticator app or a recovery code. If you have neither, contact us and a Customer Advocate will verify your identity and help you regain access.
Will my dividends change? Dividend payments and tax withholding are managed by each company's share registry. If your tax residency changes, update your details with the share registry as well.