2Wk·

My first step

Hello everyone,

A few days ago I asked here for tips on how to get started and I have collected a lot of great experience reports and information.

Thank you very much!

After a lot of back and forth, I have now decided on the Amundi Prime all Country $WEBG (+1.2%)

Why did I choose it of all funds?

Firstly, it is the cheapest ETF in this category and secondly, I have looked into the taxes a little more and as far as I understood correctly, in Austria you would be asked to pay the tax office once a year to pay an advance lump sum on the reinvested dividends/distribution-equivalent income.

Conversely, this means that a tax deferral of a maximum of 12 months is possible in Austria.

If I had taken an ACC, I would have to pay tax once a year and transaction fees on withdrawal.

But if you take a Dist, like the Amundi, which pays out once a year, you have the best of both worlds: maximum compound interest thanks to a 12-month tax deferral and instead of the tax on the distribution-equivalent income, you have the distribution, with the same tax burden but no transaction costs.

I hope I have not made a mistake in my thinking and that my sources have provided up-to-date information.

So please feel free to prove me wrong

Have a nice evening

04.06

Amundi Prime All Country World ETF

Bought x190 at €10.52

€1,998.61

10 Comments

Fabian@FKabs

2Wk

There is no tax difference between accumulating and distributing ETFs in Austria, that is correct (provided that annual and distribution reports are submitted to the OEKB = reporting fund). Unfortunately, it is not that simple with the $WEBG, as distributors also reinvest (e.g. realized capital gains that are not distributed), whereby the tax on income equivalent to distributions is also due once a year after the tax report to the OEKB. In Austria, I would always opt for $VWCE (accumulating), as Vanguard has proven in the past to be very tax-efficient for us Austrians. And even if reinvestment of dividends/distributions is free of charge with many brokers, you still pay the spread.

Take a look here:

https://docs.google.com/spreadsheets/d/1Fka8wUv8NB1LbzaMxjQcZtkWn3IBlp_YrZAuitrFVEM/edit?gid=343727198#gid=343727198

This compares the tax burden of ETFs in Austria on the basis of tax reports to the OEKB. For a broadly diversified all-world ETF, $VWCE is simply unbeatable.

Amundis have performed rather poorly here in the past, but there is still too little data available for the new $WEBG, as only one distribution report has been submitted so far, but no annual report:

https://my.oekb.at/kapitalmarkt-services/kms-output/fonds-info/sd/af/f?isin=IE0009HF1MK9

The first annual report for 2025 should be published here shortly after the end of the financial year (31.12. for Amundi, i.e. presumably January 2026))

I'm pretty deep in the rabbit hole when it comes to the tax treatment of ETFs in Austria, feel free to get in touch if you have any questions ,-)

•

Simone🤷🏼‍♀️@TheCleaningLady

2Wk

@FKabs thank you :) very interesting. It's unbelievable what differences there are. So the TER is probably not the argument after all. Do you work at the tax office? 😅

••

Fabian@FKabs

2Wk

@TheCleaningLady No, I'm not someone from the tax office who takes people undercover here 😂

The TER (alone) is unfortunately only half the truth. I would always look at the TD and TDV (how well and consistently the ETF tracks the index).

This is a great tool for that:

https://www.trackingdifferences.com/

•

Simone🤷🏼‍♀️@TheCleaningLady

2Wk

@FKabs Now I've taken another step back and am undecided between VWRL or $VDEV 🥲

••

Fabian@FKabs

2Wk

@TheCleaningLady What bothers me most about Amundi, however, is a) that they have often merged or dissolved funds in the past (which for you as an ETF investor means a sale, i.e. a sale with an immediate tax burden) and b) that they only partially report to you OEKB. Sometimes they report, sometimes they don't, and only for certain ETFs.... an ETF without reporting would be "oasch" as they say, here you then pay the 27.5% KeSt annually on 90% of the price change of the last year, and that is then relatively much.

The bottom line is that you will never pay too much tax, as every time you report to the OEKB, your taxable purchase price is also increased (i.e. when you sell, you do not pay the tax you have already paid again).
But the further back you can push this tax liability (i.e. low dividend-equivalent income), the better.

In the case of $WEBG, the taxable cost price was actually reduced with the distribution (you pay more tax when you sell), as capital gains were also distributed, and a relatively large amount at that. This tends to indicate a lot of turnover in the ETF, which also means more income equivalent to distributions with the annual report.

Unfortunately, taxation is a bit of a madhouse here.... 🙄

•

Fabian@FKabs

2Wk

@TheCleaningLady Both great ETFs and good for tax purposes in Austria, especially since Vanguard finally reports distributions in addition to the annual report :)

If you would reinvest your distributions anyway, I would take the accumulator (it's much more efficient within the fund and you don't pay the spread), otherwise it's a question of whether you only want to track the developing countries or the whole world :)

•

Kate🦋@Iwamoto

Hi @FKabs, unfortunately I did not find the NASDAQ 100 in the file you shared. I am currently undecided between the Invesco EQQQ and the swap variant. I have read that mostly synthetic replicating ETFs are tax unattractive in Austria due to the internal portfolio turnover. But I suspect that this does not apply in this specific case, as the index is very small and stable. Do you know more about this or are swap ERFs actually always worse than physically replicated ones in Austria? LG

••

Fabian@FKabs

@Iwamoto Hi, unfortunately I'm still on the road all day today, but I'll be happy to do the math for both ETFs in the evening ,-)

•

Fabian@FKabs

@Iwamoto I have been able to save myself the arithmetic with the ÖKB reports that there is a second tax study, which does not compare the tax burden with the portfolio value, but with the price increase:

https://docs.google.com/spreadsheets/d/1HggGy3s2CNpQsI8kuuyH4zXZhsiwu-1eBHq-4afo4WE/edit?gid=0#gid=0

The swap variant is the worst case scenario here, as despite the small number of securities in the index, the synthetic replication generates a lot of turnover, which is very bad for us Austrians from a tax perspective.
The physically replicating variant, on the other hand, performs particularly well here!

This "study" also shows that you should ALWAYS opt for physically replicating ETFs in Austria, as swappers simply generate a lot of turnover due to the way the index is replicated.

I hope this helps you ,-)

In any case, you have motivated me to write a detailed post about this in the near future, as the questions keep coming up, thank you :)

•

Kate🦋@Iwamoto

@FKabs too bad, I had hoped for a small withholding tax advantage in addition to the index replication, which provides a minimal performance bonus. Thank you very much 🙂

••