Forex trading australia tax your reserves


Reply "Hi Mr Taxman, I trade in us options through an australian company which is based in eastern states. I need to know the income i derived through this will be foreign income or australian income(as i am in australia). where will i show it in my tax return. I do get paid some dividends as well and there is foreign tax withheld on them. what will be there treatment. Thanks in advance for your help."

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Reply "I have just started trading and want to know what my tax implications are with regards to forex trading. What tax rate do you pay? Is there a tax free threashold? If you do a course on trading, can you claim the full amount ($5k) or only a portion of it? Can you also purchase a computer and use the cost against any tax? "

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Research is the resources that a forex broker provides to their clients to help them make decisions and understand market activity. The research provided by the best forex brokers include advanced charting capabilities, third-party research, research reports, and market commentary. Forex trading can be highly computer driven, and some forex brokers offer traders access to historical data so they can back-test strategies before allocating real money. Research is an important category for traders who are looking for assistance in making decisions as well as independent traders who are seeking confirmation on a trade or a second opinion. Some of the more self-directed brokers offer less research amenities because they cater to more advanced traders who pay for third-party research.

Reply "Hi Mr Taxman, I have purchased foreign currency with Australian dollars approximately 8 years ago if I realise a substantial gain will I pay full capital gains tax or a reduced amount for having the investment for more than 67 months? Many thanks Glen"

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Reply "In relation to funds drawn out of a company there are two main scenarios - a) you take it out as a wage in the year that income is derived or b) you take it out as a dividend from prior year profits. If the former, then the company will get a deduction for the wage paid & not pay its 85% tax but rather you will need to pay at your marginal tax rate. If the latter, then any dividend that you take out of the company will have the 85% tax credit attached to it to avoid double taxation. but if the dividend takes you above $85,555 in personal income then there will be some top-up tax required to be paid. Any non-business or personal items would potentially atttract Fringe Benefits Tax (FBT). another kettle of fish!"

Reply "I have an amount of foreign currency, which was purchased as speculative. Should it revalue, is the outcome looked on as currency exchange, or income, and what would be the tax rate?? Thanks"

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*Backtesting is the evaluation of a particular trading strategy using historical data. Results presented are hypothetical, they did not actually occur and they may not take into consideration all transaction fees or taxes you would incur in an actual transaction. And just as past performance of a security does not guarantee future results, past performance of a strategy does not guarantee the strategy will be successful in the future. Results could vary significantly, and losses could result.


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