Hello fellow aussie traders,
Glad to have found a forum on trading here in Ausralia. I have been a member for Forex Factory for some time and posed a question there in relation to trading here in Australia, but obviuosly this forum would be better suited to my question.
Basically, trading the Forex has been a hobby of mine for some time, but in the last six months I have dedicated many hundreds of hours to this hobby and am have become relatively successful and my account is growing.
Now, my question is, what is the best way for us (Australians) to manage the money they make here (Forex for me). I have heard I should set myself up as a company with ABN etc, but I really have no idea what's involved with doing that. All searches on Google for "setting up home business" bring up a million scam sites that are not related to my quiestion at all. If anyone could point me in the direction of a good website or accounting firm that could help with that side. I am not looking at getting away with paying tax or anything like that (why should i not pay tax? that's the money that keeps our society running!) But want to know what i need to do, come July 1st next year, in relation to the money i have brough back from my US trading account. I obviously need to pay tax on it and it would only be fair that I can at least offset the costs of working from home (internet connection, transfer fees, computer equipment etc.) against the money I have made.
Any advice from those in the know or who have done this themselves would be greatly appreciated.
Thanks in advance
ps. Sorry, seeing as this is an introduction after all, i should add that I trade the EU and GU using price action only - scalping breakouts, peaks and troughs. No indicators (just the rainbow SMAs, mainly just cause they're nice to look at, LOL)