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  • ASIC deals massive blow to Australian CFD industry, but is it really that bad?

    From financefeeds.com

    Today marks the day when the inevitable actually came to fruition. Ever since the European Securities and Markets Authority (ESMA) completed its very comprehensive directive in the form of MiFID II which extended huge and detailed trading infrastructure regulations to all electronic trading entities ranging from ETFs to margin brokers, Australia’s non-bank financial markets regulator ASIC has been demonstrating signs that it may emulate the European rulings. This has not happened, and ASIC is unlikely to emulate the European regulations in their entirety for two reasons, those being that ASIC is a regulatory ... (full story)

Sounds like they're heading the same way as the US and Europe. Taking the fun out of it!
Australia is also going to make payments of over $10,000 illegal and punishable by a $25,000 fine and 2 years jail. Australia is finished as a 1st world nation. It is more a 3rd world communist state. Let the Chinese and Indians buy it before it goes down the drain.
  •  Guest
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Like the UK
Quoting Macdon
Australia is also going to make payments of over $10,000 illegal and punishable by a $25,000 fine and 2 years jail. Australia is finished as a 1st world nation. It is more a 3rd world communist state.
This was done because a lot of cash only businesses and tradesmen hide their earnings, launder them, smuggle money overseas or they pay for toys (cars, boats etc for themselves or for relatives ) using cash, or they buy properties do their property renovations etc by also paying cash.

There are too many ways to launder cash

Quoting Macdon
Australia is finished as a 1st world nation. It is more a 3rd world communist state.
I doubt that.
Most people are Ok with these changes, only the crooks are concerned
and there are too many crooks out there.
I believe the AU government should cancel the $100 notes overnight and give people the ability to exchange their $100 notes at the banks after they show their ID and banks should enter all money exchanges and ID's in a database which is linked to the tax office.
Have a nice day
Quoting nastynatty
Sounds like they're heading the same way as the US and Europe. Taking the fun out of it!
Some regulation was needed or they wouldn't have done it.
There are still too many crook brokers out there, the CFD market should never run out of liquidity.
Have a nice day
Quote
I doubt that.
Most people are Ok with these changes, only the crooks are concerned
and there are too many crooks out there.
I believe the AU government should cancel the $100 notes overnight and give people the ability to exchange their $100 notes at the banks after they show their ID and banks should enter all money exchanges and ID's in a database which is linked to the tax office

What! Which ATO/government office dept do you work for?

A large majority of those using cash are looking for ways to survive and/or cannot afford to implement digital collections and payments.
This is a typical blind view of the wealthy who are so far removed from the street level real world. I only hope you lose your position of employment so you have to call on cash to survive.

Quote
This was done because a lot of cash only businesses and tradesmen hide their earnings, launder them, smuggle money overseas or they pay for toys (cars, boats etc for themselves or for relatives ) using cash, or they buy properties do their property renovations etc by also paying cash
Cash was perfectly fine on introduction if you speak to those who implemented it, why all of a sudden now? Ever asked yourself that? The cash still enters the economy, what a nonsense comment!

Debt based financial system you fool.
My comments are not to be taken as trading advice, not a financial advisor
Quoting cogs
{quote} What! Which ATO/government office dept do you work for?
You are the fool and sooner or later the ATO will catch up with you and make you pay
Have a nice day
Quoting billv
{quote} This was done because a lot of cash only businesses and tradesmen hide their earnings, launder them, smuggle money overseas or they pay for toys (cars, boats etc for themselves or for relatives ) using cash, or they buy properties do their property renovations etc by also paying cash. There are too many ways to launder cash {quote} I doubt that. Most people are Ok with these changes, only the crooks are concerned and there are too many crooks out there. I believe the AU government should cancel the $100 notes overnight and give people the...
Rubbish! I use cash because it's my money, I earned it, I paid the extortion fee on it (tax) and it's mine and no useless government bureaucrat will tell me what to do with my money. People launder most money electronically anyway. This is a canary in the coalmine. Greece almost went down the drain and they implemented such policies. I therefore conclude Australia is going down the drain too. What does Australia produce or manufacture?
Quoting billv
{quote} You are the fool and sooner or later the ATO will catch up with you and make you pay
Screw the ATO! They're criminals of the highest calibre.

https://www.abc.net.au/news/2019-01-23/former-ato-boss-michael-cranston-misused-power,-court-hears/10734854
Quoting Macdon
{quote}Screw the ATO! .
LOL, soon there will be no hiding places left

https://www.news.com.au/finance/mone...b2d4066719295c

https://www.theguardian.com/australi...-tax-avoidance
Have a nice day
Quoting billv
{quote} LOL, soon there will be no hiding places left https://www.news.com.au/finance/mone...b2d4066719295c https://www.theguardian.com/australi...-tax-avoidance
From the Aussie tax gangsters? Sure there will be, Aussie public servants, aren't the sharpest pencils in the box. More interested in foooty, cricket and drinking the bile they call beer these days in their classic 3 hour or all afternoon, lunches.
Quoting Macdon
{quote}From the Aussie tax gangsters?
You can call them whatever you want.
Personally I never had any problem with them because I pay my taxes.
You can argue that they are inefficient, but they do catch many tax cheats and technology is now helping a lot by doing automated data matching and flagging irregularities so they are becoming more and more efficient in doing their job.
Don't you like paying tax? move to a low tax country and there are plenty of them around
but none of them is like Australia.
Have a nice day
Quoting billv
{quote} You can call them whatever you want. Personally I never had any problem with them because I pay my taxes. You can argue that they are inefficient, but they do catch many tax cheats and technology is now helping a lot by doing automated data matching and flagging irregularities so they are becoming more and more efficient in doing their job. Don't you like paying tax? move to a low tax country and there are plenty of them around but none of them is like Australia.
Australia is a 3rd world country infested by ethnic gangs, disgraceful building developers, greedy tax stealing governments at all levels; federal, state and local. Its economy is based on selling houses to foreigners who launder the profits of crime - why doesn't the ATO do something about that? It's crowded, congested and polluted. Compare it to LOW TAX countries like Monaco, Singapore and many EU countries.

Why would I like paying tax? Anybody who likes paying excessive tax is a psychotic, deranged imbecile. Tax in AU is over 70%. Who in their right mind wants to pay that to the criminals in government? You have tax on your wages and everything else on top - alcohol, tobacco, fuel, property, bank interest etc. What a ruddy joke mate!
Quoting billv
{quote} You can call them whatever you want. Personally I never had any problem with them because I pay my taxes. You can argue that they are inefficient, but they do catch many tax cheats and technology is now helping a lot by doing automated data matching and flagging irregularities so they are becoming more and more efficient in doing their job. Don't you like paying tax? move to a low tax country and there are plenty of them around but none of them is like Australia.
This is from ABC News FB page. As you can see, I am not the only one with an accursed disregard of the Australian Taxation Office, I mean the Australian Extortion Office.

To ABC News: It's funny how they go after low income earners and small business but can't seem to go after the big end of town who are the biggest thieves around.

Response: I totally agree! I am a tax agent and the biggest non-tax payers are the likes of U**r and large corporations with accountants one step ahead of the ATO. The ATO don’t have the resources to go after them so they take the low lying fruit. It’s embarrassing and disgusting that they continually attack the small fries. Their processes and systems are archaic and some of their methods are downright nasty.

In short, the AEO (ATO) are thugs, crooks, liars and cheats.
i have to agree
ONE MUST LEARN, DO IT AND IT WILL BE KIND TO YOU
If you're Australian, read it and don't weep, just try to do something about it and remember, not paying tax to amoral criminals is a great way to protest. You won't be judged on Judgement Day.

Australian living standards plummet below OECD
https://www.macrobusiness.com.au/201...uZfU-4_5kl8eVQ
Quoting Macdon
not paying tax to amoral criminals is a great way to protest. You won't be judged on Judgement Day
Lol just dont get caught because its very hard to hide these days.
Btw read up on Monaco, unless you are very rich you can't afford to live there. Eastern Europe is cheap but they have different problems and their weather is nothing like Australia.
I've looked into low tax countries in detail for my tradimg but the benefits (vs overall risk & hassle) aren't that great.
IMO for those of us who have Superannuation, trading through a SMSF and keeping our funds in Australia is a better option. And when you start a smsf pension your trading profits should be tax free
Have a nice day
Quoting billv
{quote} Lol just dont get caught because its very hard to hide these days. Btw read up on Monaco, unless you are very rich you can't afford to live there. Eastern Europe is cheap but they have different problems and their weather is nothing like Australia. I've looked into low tax countries in detail for my trading but the benefits (vs overall risk & hassle) aren't that great. <b>IMO for those of us who have Superannuation, trading through a SMSF and keeping our funds in Australia is a better option. And when you start a SMSF pension your trading...
The SMSF for AU pensioners is a good option. However, is keeping all your funds in AU as safe as it sounds? If AU living standards have plummeted, is it a good idea to keep them all in AU? AU is becoming more and more communist each day - banning people coming in, flooding and overcrowding AU with 3rd world immigrants, banning cash payments over $10K and giving the AEO (ATO) the power to declare you guilty until proven innocent! That goes against Anglo-Saxon common law as well as against the law of civilised European countries.
Quoting Macdon
{quote}The SMSF for AU pensioners is a good option. However, is keeping all your funds in AU as safe as it sounds?
Its a complex issue plus converting money has costs.

I also don't like the overseas banking options and particularly now that the AUD has lost much of its value it doesn't make much sense to convert AUD's to anything else other than perhaps GBP's

Money in the bank is basically doing nothing but other investment options don't look great at the moment so cash is looking like a better option
Have a nice day
Quoting billv
{quote} Its a complex issue plus converting money has costs. I also don't like the overseas banking options and particularly now that the AUD has lost much of its value it doesn't make much sense to convert AUD's to anything else other than perhaps GBP's Money in the bank is basically doing nothing but other investment options don't look great at the moment so cash is looking like a better option
For parking money or just long term investment, I would consider a diverse portfolio of gold, silver, share indices, equities in GB, AU, USA, Europe or other stable jurisdictions and 30 year treasury bonds. The allocation of the bonds should be about 40%. In this portfolio, you can be exposed to multiple currencies as well.

Easily said, but hard to do.

To this end, I sure would be grateful if someone could give me a good fundamental and technical data source for international stocks.

DISCLAIMER: I am not a qualified financial adviser.
Quoting Macdon
{quote}I sure would be grateful if someone could give me a good fundamental and technical data source for international stocks.
Big brokers offer such info for free, Look up Fidelity, Ameritrade, etc.

Ameritrade have a platform called Thinkorswim which offers professional grade trading tools.
This is about as close to a Bloomberg terminal as you can get in retail investing without spending massive amounts in subscription fees

Check out this link for a full review of the most popular brokers.
https://www.stockbrokers.com/guides/...-stock-brokers
Have a nice day
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  • Posted: Aug 22, 2019 5:30pm
  • Submitted by:
     Newsstand
    Category: Forex Industry News
    Comments: 21  /  Views: 16,947