How do taxes work for forex trading? - Page 2
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  1. #11
    Join Date
    Jun 2009
    Location
    Australia
    Posts
    114
    [QUOTE=trustFX;131811]I live in Australia as well and I seriouly doubt that 250k (profit per year?) would be considered "a hobby" by the tax authorities.


    Hey TrustFx,

    I just had a quick search on the net to see if i could find where i read it, but no luck. So it was basicly something i remember reading, and your right the Gov n Tax authories are not going to just let you keep 250k tax free when they can have a slice of it. I'm going to go to my accountant and get an update on the tax laws for today, they always bloody change the rules, but when one loop hole closes, another one opens.

    Boyfx

  2. #12
    Join Date
    Jul 2009
    Location
    Sydney, Australia
    Posts
    73
    Quote Originally Posted by boyfx View Post
    Hey TrustFx,
    ... I'm going to go to my accountant and get an update on the tax laws for today ...

    Boyfx
    Cool. Feel free to post an update if you don't mind. I am interested on the tax issue as well.

    Thanks.

  3. #13
    Join Date
    Jun 2009
    Location
    Australia
    Posts
    114
    Quote Originally Posted by trustFX View Post
    Cool. Feel free to post an update if you don't mind. I am interested on the tax issue as well.

    Thanks.
    Yeah for sure, i'll try get around to it some time this week. Tax, they couldnt make it easy to understand, you go to the ATO website and it's like your reading another fluckin language.

    Boyfx

  4. #14
    Join Date
    Oct 2012
    Location
    Wichita, KS
    Posts
    2
    I am just starting. Does anybody know if there is a grace level in trading? Like anything bellow 1k USD in a year being negligible?

  5. #15
    Join Date
    Aug 2012
    Location
    Melbourne, Australia
    Posts
    262
    Quote Originally Posted by jfreundST1 View Post
    I am just starting. Does anybody know if there is a grace level in trading? Like anything bellow 1k USD in a year being negligible?
    Doubt it, it would probably be still classed as income on top of what you earn elsewhere. In Australia we get the first 6-7k tax free. It starts to get more complex though with capital gains,trading as a sole trader or under a company etc.. Might be different in the U.S.

  6. #16
    Join Date
    Sep 2011
    Location
    Perth, Australia
    Posts
    488
    dan, in Australia there is no capital gains tax on trading, as you never own the underlying product.

    The ATO does classify it as an income stream though, and if it is your second then you are taxed at the top marginal rate

  7. #17
    Join Date
    Sep 2012
    Posts
    22
    Like they mentioned, depends where you are. Canada it's essentially capital gain/loss (50% taxed at marginal rate).

  8. #18
    Join Date
    Aug 2012
    Location
    Melbourne, Australia
    Posts
    262
    Quote Originally Posted by Cyco View Post
    dan, in Australia there is no capital gains tax on trading, as you never own the underlying product.

    The ATO does classify it as an income stream though, and if it is your second then you are taxed at the top marginal rate
    Thanks Cyco, figured it was something like that.

  9. #19
    Surely the right answer is that there is no right answer....it all depends on what country you live in. Different countries have different laws relating to Capital Gains etc.

  10. #20
    Join Date
    Sep 2012
    Posts
    17
    Quote Originally Posted by AndyRosaFX View Post
    Surely the right answer is that there is no right answer....it all depends on what country you live in. Different countries have different laws relating to Capital Gains etc.
    Yes, me too i think it depends on the country where you are.

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