Let say for example, I made $50k profit from trading the futures market in the United State. Every now and then I transfer my profit back into my Australian Bank account. I do not have to pay US tax on the profit gained from the trading activity using my US brokerage account. At the end of the year, my broker sends me the details of my profit and loss. If I don't declare this to the ATO, does this mean the profit I made from overseas trading is tax free! Iím not trying to invade tax but it seems appropriate not to declare as the trading activities was conducted in the US not Australia.
One other question: Does profiting from Futures contracts counts towards CGT?
Could anyone that has been trading overseas for a living, please come forward and clarify this? Cheers.