Difference between IVV.P and IVV.AX

[TomLeonard20]

Newbie here and have given up googling after an hour in the hope this community can help. I’m currently a tax resident in Australia and have recently dipped my toe in ETFs (purchasing IVV.P). What is confusing is the difference between IVV.P and IVV.AX - is it simply as basic as the currency? Or are there tax differences I.e is one Australian Domiciled and other not ( asking due to need to fill out W8BEN form).

Any help greatly appreciated!

[ArvinIG]

On 13/08/2022 at 01:19, TomLeonard20 said:

Newbie here and have given up googling after an hour in the hope this community can help. I’m currently a tax resident in Australia and have recently dipped my toe in ETFs (purchasing IVV.P). What is confusing is the difference between IVV.P and IVV.AX - is it simply as basic as the currency? Or are there tax differences I.e is one Australian Domiciled and other not ( asking due to need to fill out W8BEN form).

Any help greatly appreciated!

HI @TomLeonard20,

Effectively, there would be a difference in tax as you will need to complete a W-8BEN form to trade IVV.P as it's listed in the US as opposed to IVV.AX listed in Australia.

They will have different trading hours as well.

Note that trading in USD you may need to convert your local currency back and forth.

Thank you - Arvin
 

[TomLeonard20]

@ArvinIG Thankyou so much for taking the time to reply! I’ve been so confused

ok - but as I’ve completed the W-8BEN form then I assume there is no tax difference between the two? 
 

Key issue if I understand, is I open myself up to exchange fees as I buy/sell back to AUD from USD?

 

tom

[ArvinIG]

45 minutes ago, TomLeonard20 said:

@ArvinIG Thankyou so much for taking the time to reply! I’ve been so confused

ok - but as I’ve completed the W-8BEN form then I assume there is no tax difference between the two? 
 

Key issue if I understand, is I open myself up to exchange fees as I buy/sell back to AUD from USD?

 

tom

Hi @TomLeonard20,

No worries.

Yes, the main difference would be the AUD/USD conversion for each transaction and trading hours.

If you have a Share dealing account you can change your account settings to Multi currency account you can hold USD on your account. Note that the commission will change then:

https://www.ig.com/au/share-trading/charges

I hope that it helps !

All the best - Arvin