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probably a silly question

  • #1
  • First Post: May 8, 2010 8:50pm May 8, 2010 8:50pm
hey all you australian traders this is probably gunna be a stupid question but do any brokers send out group certificates for tax at the end of the financial year?

regards damien
i pull the trigger when others are fearful---me
  • #2
  • May 8, 2010 8:59pm May 8, 2010 8:59pm
I grab my account summary from my broker (FXCM australia) and I give it to my personal accountant. They don't send out anything unless you ask for your account summary (not group certificates or PAYG summary).
  • #3
  • May 8, 2010 9:14pm May 8, 2010 9:14pm
now how do you tax it ive searched and searched looked at the ato and it confused me more?

ive heard if you trade as your sole source of income you tax it as income tax pretty obvious but im not sure and if its a second source of income its capitals gains tax am i correct.

and ive also been told if i get an abn and you run yourself business like, it will be income tax?

i know i should ask an accountant or such but would like a grasp on it before i ring them?

any help would be good

regards damien
i pull the trigger when others are fearful---me
  • #4
  • May 8, 2010 9:27pm May 8, 2010 9:27pm
Hi Damien,

My accountant says to print out each month trading statement from MT4, much like a bank statement.

At end of tax year these are summarised by him and my result is then either a capital loss or a capital gain.

I have suggested it would be better to be treated as income or loss of income as I could then adjust it off my other income if a loss.

He is thinking about this, if I had an ABN I guess it would be easier to do that.

HTH
Money grows on the tree of persistence
  • #5
  • May 8, 2010 10:17pm May 8, 2010 10:17pm
hi ozmacca

question are you trading for income or using your trading as extra income for work you are already doing? i think that would be the deciding factor wether it can be classed as income tax or capital gains tax.

regards damien
i pull the trigger when others are fearful---me
  • #6
  • May 8, 2010 11:19pm May 8, 2010 11:19pm
Quoting ozmacca
Hi Damien,

My accountant says to print out each month trading statement from MT4, much like a bank statement.

At end of tax year these are summarised by him and my result is then either a capital loss or a capital gain.

I have suggested it would be better to be treated as income or loss of income as I could then adjust it off my other income if a loss.

He is thinking about this, if I had an ABN I guess it would be easier to do that.

HTH
Did your accountant also tell you that you have to have traded a minium of $40000
  • #7
  • May 9, 2010 12:05am May 9, 2010 12:05am
Quoting Pipo
Did your accountant also tell you that you have to have traded a minium of $40000
what do you mean by that pipo? curious as i wanna know all the ins and outs before i ring an accountant

regards damien
i pull the trigger when others are fearful---me
  • #8
  • May 9, 2010 4:19am May 9, 2010 4:19am
Hi,

At this time it is just a hobby, but obviously I hope to improve.

Time will tell I guess
Money grows on the tree of persistence
  • #9
  • May 9, 2010 4:37am May 9, 2010 4:37am
cool yeah we seem to have picked a very stressful hobby hey lol for some reason when i research tax for forex or markets i hit dead ends evrywhere or i ask ppl and they just look at me like what the hell are you talking about lol then again i do live in tasmania we are pretty behind the times with the current stuff lol

regards damien
i pull the trigger when others are fearful---me
  • #10
  • May 9, 2010 9:38pm May 9, 2010 9:38pm
i still keep hitting brick walls rang the ato they just confuse me still no idea how i tax forex? someone has to be earning enough out there to help me lol?

regards damien
i pull the trigger when others are fearful---me
  • #11
  • May 9, 2010 11:39pm May 9, 2010 11:39pm
ok my fiancee just ranh h&r block for me and they said its income tax that i should get an abn and then i can deduct business expenses and such which is cool makes it very easy.


regards damien
i pull the trigger when others are fearful---me
  • #12
  • Last Post: May 10, 2010 12:54am May 10, 2010 12:54am
Quoting damosdmf
what do you mean by that pipo? curious as i wanna know all the ins and outs before i ring an accountant

regards damien
If you trade $ 40000 or more in the financial year than you are a "trader" and you can offeset your losses against you profits as well as any other forex related costs.

$ 40000 or more does not have to be your own money just traded value of currencies which shouldn't be a problem with a bit of leverage.
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