How to tax for profit from trading forex in New Zealand?

As a profitable trader, Now I start to consider the tax detail for profit from trading Forex,
And I try to immigrate to New Zealand.

Does anyone know how to tax for profit from trading Forex in New Zealand?

For example,
My average profit is us$6000 per month with scalping and EA strategy, each day with profit, could be treated as day trading.

If I immigrate to New Zealand, and my Forex broker is FXCM in Australia, seem the profit will be typed to oversea profit?

Hi, I think you should ask bookkeeper from New Zealand, they have specialist knowledge about tax in their country :grinning: Regards Greg

Thanks for your reply. I am also trying to search in the internet, still not get the key tax point in New Zealand.
So If someone can provide some useful information, will be appreciate.

Look through the internet, Trading forex is mostly treated as income gain.
New Zealand Income tax is 33% for above NZ$70000/Year.

And big risk is if using broker FXCM in Australia for New Zealand resident,

Australia may tax you, then New Zealand tax again.

Make an appointment with a lawyer and clarify everything with him, as income tax differs in different countries.

Yes, you are right. I have heard similar news.

As far as I know, the tax system in different countries is different and so you should talk to an accountant who deals with such things on a regular basis.

Get in touch with a bookkeeper in your area. You will get precise info.

In principle, this is a good option with a meeting with an accountant.

In principle, this is a good option with a meeting with an accountant.

You should ask those from New Zealand

I believe the tax rate as of now is 28% or 33%, if you are earning trading bonuses. Please consult a tax professional; he will clear all your doubts

I strongly believe that when it comes to taxation, you must always talk to your CPA about it. They are the right people to get all the information you need about the taxes you will pay and how you can save on them.

Forex taxes are the sum of deductions taken from the profit received from currency trading and interest accrued on the trader’s deposit. The simplest way is to provide your account balance at the beginning and the end of the year.

I dealt with the same problem when I was trading Forex.

It would be useful for you to make online stubs to have a better experience.

I live in NZ and trade.
I’ve looked into taxation regarding trading.
You’ve got to be careful and clarify this with your accountant because some have trouble differentiating CFD trading with actually buying and owning/holding stocks/shares and the tax is different on them.

Basically, from what I’ve learned and been told, CFD trading and profit is like any other form of income and will be taxed at that rate (33%) and will vary depending on how much over the year you earn.

Trading laws are strict in NZ however we are one of the few countries that still allows high leverage.

They are also strict on which brokers you trade with, some aren’t allowed to trade with NZ residents, but there are still a good selection of big reputable brokers. I don’t think you can trade with FXCM from NZ. They may close your account, you’ll have to enquire with them if and when you move.

Hope this helps.