Disliked{quote} Hi Here in NZ Im pretty sure that if trading is your primary source of income then you are subject to normal income tax laws If it is a sideline and you earn less than your 'job' it is tax free, as is gambling Bit of a grey area here too and the authorities rely on an honesty policy I think this is how it works... JIgnored
The grey area is that NZ wants to tax the money that sits in the brokers account, but I contend that this money is not yet in the 'company' bank account, and so is not yet taxable. It only becomes taxable when it actually enters the bank account of the 'Sole Trading' company, from which the 'company' can disburse the money for costs like my salary, repairs and maintenance, other costs (like power etc ) etc etc. This is an ongoing battle with IRD, and I will probably lose that one in the end, but by the time that happens, hopefully I will have come up with another idea to keep IRD off my back!!
I don't mind paying taxes because that's how the country moves ahead, I just want to pay my fair share and not a cent more!!
Doing what you like is Freedom. Liking what you do is Happiness.