SelfWealth is an Australian flat-fee share trading platform offering ASX and US shares. Because it operates in Australia, your activity sits inside the ATO's framework, and the tax office can see share disposals and dividend income through its data-matching program. The rules are well defined; the work is tracking each parcel and getting the international side right.

How SelfWealth activity is taxed

• Buying and holding shares is not taxed on its own.
• Selling shares or ETFs is a disposal and a CGT event in Australian dollars, with the 50% discount after 12 months.
• Australian dividends are assessable income; franked dividends carry franking credits you declare and can claim.
• US shares bring US withholding tax on dividends, generally reduced to 15% with a W-8BEN, plus currency conversion on every buy, sell and dividend.
• Dividend reinvestment (DRP) creates a new parcel each time, with its own cost base and 12-month clock.

A quick worked example

You hold a US share through SelfWealth that pays a US$100 dividend. With a W-8BEN on file, the US withholds 15%, so US$15, and US$85 reaches you. You still declare the full US$100 (converted to Australian dollars) as income here, then claim the US$15 back as a foreign income tax offset, so the same income is not taxed twice. Without a W-8BEN, the US can withhold up to 30%.

Importing SelfWealth into Summ

You can bring your SelfWealth history into Summ by importing your trade confirmations, annual tax statement or CSV. Because Summ now covers shares and crypto, your SelfWealth holdings sit alongside everything else in one report.

Common SelfWealth tax gotchas

ASX and US together. Franking on the ASX side, withholding on the US side. Each is taxed its own way.

The W-8BEN. Without it, US withholding is higher. It is a quick form your broker provides and needs renewing periodically.

Foreign income tax offset. Claim the US tax withheld back, or you pay tax twice on the same dividend.

Currency conversion. Every US buy, sell and dividend converts to Australian dollars on its own date, so the exchange rate affects the gain.

Parcels. Buying the same share over time creates separate parcels; which one you sell changes the gain.

Summ imports your SelfWealth shares, ETFs and dividends, applies the ATO's rules (the 12-month CGT discount, franking credits, foreign income), and produces an ATO-ready report for myTax or your accountant.

Generate a free preview to see your SelfWealth position before filing.

Frequently asked questions

Do US shares on SelfWealth get franking credits? No. Franking credits only attach to dividends from Australian companies. US dividends carry withholding tax instead.

What does the W-8BEN do? It generally reduces US withholding tax on your dividends to 15% under the Australia-US tax treaty.

Will I be taxed twice on US dividends? Usually not. You can claim the US tax withheld as a foreign income tax offset in your Australian return.

Do I get the 50% CGT discount on SelfWealth shares? Yes, for shares held longer than 12 months, whether ASX or US.