Aussie here needs help !

[holycreation]

hi guys!! any aussies here? I wanna ask how much tax does the Govt tax when you transfer the profit back from the broker? im using FXDD overseas. so ...any advice bro's out there?

[tom82]

Originally Posted by holycreation

hi guys!! any aussies here? I wanna ask how much tax does the Govt tax when you transfer the profit back from the broker? im using FXDD overseas. so ...any advice bro's out there?

Aussie here, but unfortunately I can not answer the question.

[trav72]

Originally Posted by holycreation

hi guys!! any aussies here? I wanna ask how much tax does the Govt tax when you transfer the profit back from the broker? im using FXDD overseas. so ...any advice bro's out there?

well i take it your profitable then - if not dont worry about tax till you are, then there are ways. I dont think you will find retail forex traders paying tax.
Perhaps a better way to consider this is can i make a deduction from my gross earnings my 'losses' so as to reduce my tax......
Unless you been trading for atleast 2 years or more i think you will find this not to be a consideration. Just concentrated on making a profit first.

[holycreation]

thing is, i am making profit. i make about 5-6k profit p month. Just need some idea of the taxation part. I withdraw to my offshore banks though.

[cas]

Originally Posted by holycreation

thing is, i am making profit. i make about 5-6k profit p month.

From a "super noob...very new...learning every from scratch"...to use your own words posted in this forum about three month ago...to a 60-72k p.a. profit in your trading.

So how did you manage that...?

Just need some idea of the taxation part.

What do ya think the ATO is for...?
They are very helpful in these matters.

I withdraw to my offshore banks though.

Surely ATO would be very interested in that. Wouldn't want to mess with ATO but. They don't like that at all.

[tymen1]

The answer is simple.....

If you are making a decent profit, then you go and hire a decent accountant to do the job for you!!

Surely that is obvious.

But be careful about trying to avoid tax - if they catch up with you it will not be nice.
Remember, you have a tax file number!!

[dancingphil]

The/my lawyers: panamalaw.org
Some notes:

1 Panama USED to stand outside of International banking disclosure conventions. When other countries Tax Offices etc made inquiries, they were ignored with reference to Panama law stating quite clearly it was illegal to disclose bank records without a Panama Court order, which were impossible to get without proof of "criminal activity". Tax issues (and commercial debt) in Panama Law are not criminalized matters.

That has now changed - almost every tax-free jurisdiction has now agreed to sign up to banking disclosure to other Govts at the risk of being isolated from the Global banking system.

What still remains true and useful is that companies and trusts in Panama have no central register of share ownership or way to trace beneficial interest.

2 There is "some concern" about the future liquidity of banks in Panama, because with banking (not company/trust ownership) being more transparent to other Govts - there really could be a huge flight of cash out of Panama. It is recommended to in fact have your bank accounts in Guatemala. Having bank accounts in different jurisdictions to the company and trust structures makes great sense.

3 There are cheaper options than the $US6k setup of the best rig. I just happen to be paranoid, and as they say, the paranoid live longer.

Ciao

ps, the lawyers will happily bank your wired funds into your bank accounts for you

[holycreation]

thanks dancingphil.

at least thats some decent reply. Unlike those that are of no help, i live in Oz but i see so many useless bums are just sucking money out of the system. what's the point of earning money when the taxation is so high. 45% max over 100k . n the list goes on. politics and underhand craps.

would like to get more in detail of that. Thanks alot dancingphil.

[dancingphil]

Too many smart arses on this thread. The question is legit, the responses are lame.

Some legit food for thought OP.

Register a company and trust in Panama. Both together, with bank accounts (2 of), and ATM cards on each will set you back $US6k.

Then in the correct interpretation of law (Australian) you are not the owner of the profits - the trust is. In law (Panama), the profits are tax free as Panama only taxes profit/income earned within Panama.

Australian public companies have been doing similar for decades.

As an added measure of security, and defensibility, trade via a VPS - of course using the Panama corporate structure as your corporate entity.

By all means charge the Trust/Company a nominal wage for your contracted trading services to this overseas entity. It all simply means your new employer is an overseas company that you legally do not own.

Repatriating the profits via ATM (btw, the ATM cards have no names on them) is very safe.

Setting up this rig is quite simple, and I can recommend the lawyers to you to handle it.

Good luck

[trav72]

Originally Posted by dancingphil

Too many smart arses on this thread. The question is legit, the responses are lame.

Some legit food for thought OP.

Register a company and trust in Panama. Both together, with bank accounts (2 of), and ATM cards on each will set you back $US6k.

Then in the correct interpretation of law (Australian) you are not the owner of the profits - the trust is. In law (Panama), the profits are tax free as Panama only taxes profit/income earned within Panama.

Australian public companies have been doing similar for decades.

As an added measure of security, and defensibility, trade via a VPS - of course using the Panama corporate structure as your corporate entity.

By all means charge the Trust/Company a nominal wage for your contracted trading services to this overseas entity. It all simply means your new employer is an overseas company that you legally do not own.

Repatriating the profits via ATM (btw, the ATM cards have no names on them) is very safe.

Setting up this rig is quite simple, and I can recommend the lawyers to you to handle it.

Good luck

but shouldn't you/he and your corporate buddies be contributing to soceity and paying your taxes like the rest of us?
I suppose your the guy complaining about the roads, the unemployed, the health system, the defence, the schools and the infrastructure surrounding your lucky country.
I should report your IPP address to the ATO