First of all, apologies for yet another tax thread, I've read through as many of the existing ones but just wanting to get some further clarification/confirmation of my understanding, hence this thread.
From what I've read so far, trading any futures contracts, whether AUS or international futures, the gains are taxed under ATO as long as you are a resident. If one's activities are not deemed by the ATO as carrying on a business, futures trading activities are simply taxed under CGT.?
If however, you are classified as a trader, than it is taxed as regular income and the trading expenses may be eligible for deduction for running the business. On the ATO site, it mentioned carrying on a business with share trading, I assumed that financial futures contracts also fall in the same category?
I'm in the process of tracking down a good accountant that can advise me further on this (in Brisbane, if anyone has any recommendations), in the mean time however, I know that quite a few guys on the forum trade futures extensively, I was hoping if anyone is 'running a trading business' can give some information as to how they had their 'status' certified by the ATO? ie. do you simply apply for an ABN and they conduct their verification...etc.
Thanks for any info in advance