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]

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

[dancingphil]

Originally Posted by trav72

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

I don't complain. I don't explain. I follow the law. I have quoted the law.

Please do be the little weeny dobber boy. I don't give a rats.

My words are true. My advice is accurate. My post's recommendations are 100% legal.

[trav72]

Originally Posted by dancingphil

I don't complain. I don't explain. I follow the law. I have quoted the law.

Please do be the little weeny dobber boy. I don't give a rats.

My words are true. My advice is accurate. My post's recommendations are 100% legal.

thanks for your contributions to soceity - i hope you enjoy speeding around in your jetski, with the lovely facilities provided by the honest. Go live in panama!