I translated my message to make it easier for you, but if something sounds funny, I blame Google Bard. The original message can be found at the bottom. And yes, I prefer English, but whatever works best for you is fine by me. =)
Hej alla! Lite om mig, för sammanhang, kanske.
Jag flyttade till Sverige för 5 år sedan och planerar att stanna här ett tag till.
Jag började investera nyligen, för 2 månader sedan. Jag har några frågor om skatter. Jag vet lite grundläggande om ISK-skatter, men jag är osäker på några scenarier, så det är bättre att fråga.
Min första fråga är: Hur fungerar skatter på ISK-konton? Drivs det dagligen eller årligen (och om det är årligen, när)? Betalar Avanza/Nordnet det automatiskt för mig? Hur mycket skatt tas ut från det totala beloppet?
Jag började investera i Avanza. Bara en liten summa, courtageplanen är den gratisa. Sedan bestämde jag mig för att jag gillade Nordnet bättre och investerade lite mer där. Så min andra fråga är: Om jag flyttar det därifrån Avanza ISK till Nordnet ISK, kommer jag att förlora pengar i den transaktionen? (på grund av skatter eller vad det nu kan vara)
Tack för ditt svar på förhand.
Newbie questions
Hello everyone! A little bit about me, for context, maybe.
I moved to Sweden 5 years ago and plan to stay here for a while longer.
I started investing just recently, 2 monts ago. I have some questions relating to taxes. I know some basics about ISK taxes, but I’m unsure about some scenarios, so better ask.
1- My first question is: How do taxes work on ISK accounts? Is it run on a daily basis or annual (and if it’s annual, when)? Does Avanza/Nordnet automatically pay that for me? How much is Taxed from the total amount?
2- I started investing in Avanza. Just a small amount, the brokerage plan is the free one. Then I decided that I liked Nordnet better and invested some more there.
So my second question is: If I move that money from Avanza ISK to Nordnet ISK, will I lose money in that transaction? (due to taxes or whatever that might be)
The tax on ISK is calculated on the balance at the beginning of each quarter and on each deposit. The tax amount for 2023 is 0,22% per quarter or deposit (there is a more complicated formula generating template income values, but the resulting tax is 0,22%). The tax is reported to the Swedish Tax Agency and then included in your yearly tax declaration the next year.
If you instruct Nordnet to move your money and investments from Avanza ISK to Nordnet ISK, then you’re not paying any taxes. If you make the move yourself, it’s regarded as a deposit and you will need to pay 0,22% the year after the move.
Just to clarify a bit on question 1. ISK does not tax actual gains/losses but according to an imputed income that as @MSbgh explains is a certain fraction of the value of your ISK at the beginning of each quarter as well as your deposits (you can use this tool provided by Skatteverket to compute your imputed income). Nordnet/Avanza will report the imputed income to Skatteverket and you’ll be able to see it as an additional capital gain (kapitalinkomst) which you will then be taxed on according to the standard 30% capital gains tax. You won’t have to report this separately, but no withholding has been made so you will have to pay the tax the year after (taxes for 2023 investments will be paid when filing a tax return in 2024).
One word of advice: if you move an investment in a fund that is only available on Avanza, then yes, Avanza will need to sell that fund on your behalf and the balance will be transferred to your Nordnet account (not incurring additional taxes as long as you transfer from Avanza ISK to Nordnet ISK. Avanza and Nordnet have different advantages/disadvantages as you probably have discovered by now. Mainly, Avanza have some good cheap proprietary index funds, Avanza Global, Avanza Zero to name a few, Nordnet has a better selection of ETF and faster execution for index funds.
Just to be clear, do I need to do something for this part?
Good to know! So far, I have only transferred money from my main bank account to Nordnet/Avanza as a bank transfer. Now I wonder if I did that part wrong or if it’s supposed to be like that in that case:grimacing:
I will try to do that ISK to ISK later and will tell you how it went. =)
They will report max( 1.25%, GBR+1% ) / 4 for each quarter and deposit. GBR is the government borrowing rate from November 30 the previous year. This means that for this year we get max ( 1.25%, 1.96+1% ) / 4 = 2.96% / 4 = 0.74% for each quarter and deposit which will be reported as income. Based on this inputed income you will then pay 30% tax, which given an income of 0.74% gives 0.222%.
Just sit back, relax and wait for the tax return to appear in 2024. (If your total residual tax is 30.000 SEK or more, you might want to pay all or enough to get under 30.000 to your tax account before February 12th.)
Regard your ISK accounts as being part of a single bubble. Every time you send money or shares into that bubble, you pay tax. So when moving money from ordinary bank accounts, there’s not much to do. It’s when you’re moving from one ISK to another ISK you want the destination bank to use its “magic powers” so that your money and shares doesn’t leave the bubble.
Thank you for welcoming me :smiley:
I didn't know I could transfer founds from Avanza to Nordnet! I'm curious about how that works...
I only have Länsförsäkringar Global, Spiltan investing and Swedbank Robur Techno A in Avanza, so it should be doable.
And regarding Avanza vs Nordnet. My reason to go Nordnet is also about the ETF selection, that's the first disappointment I got from Avanza. That also made me wonder if Avanza has all the stocks that Nordnet has, specially the ones from the USA.
I like Nordnet because the phone app is in English (funny that the webpage isn't, but that can be fixed with Google page translator).
PS: I don't know what I'm doing wrong in this forum but this is the only way I found to reply. I was getting "you can't post more than 10 link on one post" all the time, and I didn't put any link!
Great! I just did it. As you mentioned, at the end it also mentioned it might take up to 8 weeks to transfer.
At some part, it also asked me if I would like to close Avanza account, mentioning that this way I could avoid having fees from “that bank” in the future. I think that doesn’t apply to Avanza as it’s free… I believe. So I selected to leave it open.
. You can just keep both. Personally I use both because they have different advantages between them