trading/spreadbetting in Australia

Just wondering if any successful fx traders/spreadbetters have information on the tax system in Australia regarding income from financial spreadbetting. I currently spreadbet fx in London where winnings are tax free. I am looking at moving back to OZ next year and wondering the most cost effective way to continue trading would be.

Any advice welcome. Thanks.

The bottom line with Tax in Australia is that if you make money, it's taxable! (The other side though is that if you lose money trading, it can be a tax loss.) There are ways to minimise your tax, but you need to see a tax accountant for that. When trading CFD's GST is not charged on the brokerage.

Cheers,

Murray

Thanks Murray. I'll have to see an accountant when I return I think as you suggested. At least if you are paying large amounts of tax that means you are making large amounts of profits and trading successfully.

Hi Calebmsky,
I just did a general ff search and almost started a new thread but your situation is exactly mine. Just wondering how you got on?
Basically, I currently live in Australia and trade and pay tax as income tax, basically P/L for the financial year. If this is a loss then it's a tax deduction (I also have another job) so I get a refund, or if it's a profit then I pay what I owe. It's not CGT as with CFD's you don't own the underlying instrument.
I am planning on moving to the UK next year where I will trade using spread betting, and then after a couple years return to Australia. What I'm wondering (and finding hard to get a clear answer on) is what do I do regarding the earnings from trading in the UK? Obviously they're not taxed in the UK as spread betting is gambling and tax free, but what happens when you bring that money back into Australia? Is the length of stay in the UK relevant?
Thanks, Dave