Австралия Форекс Форум

Hi ATO,

I'm a Forex trader that has just gotten into a live trading account.

I'm an Australian resident for tax purposes I also have a full-time job out on the mines in the NT.

I'm looking at using Forex trading to one day be my sole source of income, but I need to build my account up first.

When trading either I make a profit or a loss. How and when are they relevant to be taxed. Do I have to declare my losses while it’s in my trading account? and any profits when do I have to and when do I declare them? while they are in the trading account or when they are withdrawn from the trading account into my nominated bank account?

Would this bring me under the sole trader class? and I would have to pay tax on any income earnt while it’s still in my trading account? because my account will go up and down over time. Do I pay tax on the gains and what about the losses?

What can I claim for when trading? for e.g., (spare room as an office, laptop, software, pens, paper, rent/Mortgage repayments, losses?)

If I was out of the country for 6 months what tax would I pay say I traded while overseas for 6 months and then come back to Australia for 6 month what tax would I pay?

Having my mining income and my trading income would they both be classified as one income? So I would fit into the brackets on the ato site?

Cheers

Deadllee

jamerz

The one I run is good, non toxic and everyone pushes each other, we have seasoned to beginners. I myself have been trading for almost 4 years.

That’s interesting. What do you call you chat group and what time do they meet??

I have been trading for about 6 years. I"m full time. Most of my trading is with futures and that’s where I make most of my money. I trade the US Session but for kicks and giggles I trade the spot FX market during the Asian and London Sessions.

Although it is a nightmare trading now. Margins are high spreads are wide comissions are outrageous. Last night I was looking to sell a naked call on Gold and they wanted $ commission. I also traded the Dow long and on entry found I was 25 tics down before I even started thanks to slippage. Lucky I was right and closed the trade at 60 tics up. But it is a crazy place out there now and it’s not for the faint hearted or the beginner.

Cheers

Blackduck

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