For australiw forex traders, the goal is simply to make successful trades. I have been trading forex with FXCM for 12 months. I was just doing this as a side hobby.It seemsCommon forex transactions Foreign currency denominated bank accountsThis foreign exchange (forex) information relates to certain foreign currency denominated bank accounts. Government decided to protect itself from such a big amount of claims in the future and changed a CGT legislation last year.
In order to claim capital loss one have a professional full time trader and there ttax number of criteria that will classify one as a professional trader. I do not remember them all but the main one that stood out was that you have to have a 20000 turnover per financial year. If you do not - than you are not full time trader and alr cannot apply for capital loss.
Since taz gain is forex trading tax australia air opposite to capital loss, you are not going to get slapped with CGT unless your turnover is less then 20000. Kind of related, anyone got any views about potential transaction taxes (such as Tobin or those suggested in the US). To start viewing threads,select the forum that you want to visit from the selection below. Read about members in the Aushralia Yourself forum, or make your way to Newbie Island.
Green, from the Futures magazine in April 2004 issue.Currency traders face complexities and nuances come tax time.
Forex trading tax australia air