This is a mobile optimized page that loads fast, if you want to load the real page, click this text.

Bedford, Dimitri, McIntyre, etc. Clowns?

Jump to new
Realist said:
Not this financial year.

But I have bought shares as "trades" as opposed to investments though, MRE, MTN, CQT, etc...

As you know I hate selling!!
Click to expand...


Thats all very well but you still can't eat tomorrow

John
 



Please list some of these amazing "secret" deductions that the average employee can use..?

I'll then hit back by mentioning taxes on petrol, alcohol, state taxes, and GST will wipe out all your deductions - then what will you say?

I'll then discuss stamp duties, parking metres, speed camera's, airport levies, captial gains taxes, road taxes, tolls, taxes being passed on up the chain and growing making everything expensive - petrol affects food prices for instance - then GST is added on the already high price - you are double taxed.

You've got nothing Magdoran - I know about tax deductions, but I also know about hidden taxes you do not even think about.

Once you do all the maths it is close to 50% anyway. some maybe lower, some higher.

For instance anyone who thinks a speeding ticket for driving 65km per hour in a 60km zone is not a tax but a safety issue is dreaming.
 
NettAssets said:
Thats all very well but you still can't eat tomorrow

John
Click to expand...

I work.

I'll be rich eventually by the power of compounding - patience is the key.
 

:iagree:
 
What was this thread about?

I was actually hoping to get an opinion of the topic.
 

What the hell do speed cameras have to do with trading vs. investing? LOL
 
Realist,

I am not going to get into a silly argument with you, you can find somebody else to do that with.

You fail to realise that a trader may be able to have their earnings treated as income and may be able to avoid having their profits treated under the GST provisions – something people should check with their accountant. It is also possible to structure a company as the trading entity for example. Again this is up to individuals to pursue.

You have not considered that your comments may well breech the Corporations ACT 2001, and that you are not a qualified Tax expert (neither am I – I don’t hold the requisite certification or license, hence I’m not going to make statements regarding Taxation matters in detail).

While I’m an ardent advocate of freedom of speech, I feel compelled to reluctantly notify the relevant moderator on this thread to take action since your comments potentially breech the Corporations ACT 2001 based on the fact that your comments could be construed as giving Taxation advice, and that the comments are factually incorrect.

I would be very careful what I said in light of this warning since there are wider authorities that may have jurisdiction.


You have been warned


Magdoran
 


I am fully aware of that.

You do need to be a fulltime trader almost buying and selling everyday and you need to prove this.

Is anyone here registered as a fulltime trader - that pays income tax instead of CGT?

Even still tax is a problem for fulltime traders.
 
Realist said:
You do need to be a fulltime trader almost buying and selling everyday and you need to prove this.

Is anyone here registered as a fulltime trader - that pays income tax instead of CGT?
Click to expand...

Yup, I am...

Now, final word. Stop misleading people!
 


Yes
The company I use to trade is considered a trading entity and following coming out squeaky clean from a random audit not too long ago I have no concerns in this regard.
 
Magdoran said:
Yup, I am...

Now, final word. Stop misleading people!
Click to expand...


You pay more tax than Warren Buffet does each year.

It is you misleading people - tax is a problem, you just wont admit it, or maybe you're not smart enough to even realise it.

Buffett is rich, mainly cause he does not pay tax!
 
Guys,

We have been through this a thousand times with Realist. I don't believe he is intellectually incapable of understanding the traders view. He seem sto be emotionally blocked on the topic however, and this is even more difficult to penetrate.

As Mag said though, it is important to speak out when wrong information is posted, for the benefit of other readers.

.... and yes, lets be very careful about the advise issue.
 
I'm not advising anyone.

But what exactly did I say that was wrong?

Do you guys believe tax is not an issue at all?

It is a huuuuuge issue to me anyway.
 
Realist said:
I'm not advising anyone.

But what exactly did I say that was wrong?
Click to expand...

I'm not saying you did anything wrong, I'm just saying there are some draconian laws in this country regarding advise, as Mag pointed out, and we need to be careful.


Realist said:
Do you guys believe tax is not an issue at all?

It is a huuuuuge issue to me anyway.
Click to expand...

Tax is a big issue, but revenue is even bigger. A private trader as an independant business does have avenues for tax minimisation not available to employees however and one should obtain advise about this from a qualified professional in the field.
 
I've reviewed Realist's post for issues with financial advice and feel the premise of his post was as follows.

Someone who earns $100,000 a year pays half of that in TAXES.
Click to expand...

Now while this isn't true in ALL cases, it is well within the relm of possibility.

Being that it's also non-specific and observational in nature its clearly not advice, but personal opinion and hasn't be represented as anything more.

There is a very fine line between opinion and advice and I want to echo Wayne's comment that it is important that we all ensure we stay on the safe side of the distinction.

Also, lets ensure everyone's posts remain within the spirit of the forum. Veiled threats are very much unacceptable and can destroy the community. There was a recent case where an australian motorsport forum (I don't have the link handy) degraded into flaming and threats and one member ended up acting on his threats and the other party ended up losing his job over the affair. Lets keep it clean fellas.
 

If anyone is considering trading either full or part time get advice on this sort of bull before you give up.

As far as my accountant is aware there is no "registration" as a trader.

Self assessment means you class yourself and tax yourself as you see yourself - BUT YOU HAD BETTER BE RIGHT. - Dont listen to me either but get advice from someone qualified on this.

Tax is not a problem - It is a fact for anyone eaning income in Australia and taking yourself out of (or supplementing )the "wage earning" bracket gives access to a range of tax minimisation possibilities that only an expert in the field can advise on.
http://www.ato.gov.au/corporate/content.asp?doc=/content/76071.htm

John
 
I also have a trading business, operated in a company structure. This pays tax at the corporate rate of 30% on all profits (which includes gains on sales). It's also registered for GST, so can claim back the GST paid on brokerage.

The company is owned by a family trust, which will allow future dividends to be distributed to low-income family members as we desire. Depending on the payout rate, the final tax bill could well be less than 30%.

This is just a statement of my own situation, and should not be considered general advice.

Consumption taxes are irrelevant to the trader or investor, except for a bit of GST paid here and there. No matter how you earn your money, you still have to pay them.

Cheers,
GP
 
Hopeful said:
Recently I've been looking into options after failing to get anywhere trading stocks and futures.
Click to expand...
Not wanting to rain on anyone's parade, but isn't the market trying to tell you something pretty important here?
 

Obviously what you are doing is smart.

Tax is always a consideration and needs to be reduced if at all possible.
 
You must log in or register to reply here.
Menu
Log in
Register
Cookies are required to use this site. You must accept them to continue using the site. Learn more...