Tax info for a share options trader

• 21 August 2008

• #1

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pauls-perth

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I am just starting out in share options trading and I looking for info on tax treatment and how to establish this as my primary business. Does anyone have any info, web links,etc, that will get me up to speed please ?
I am also looking for a savvy accountant to help me - my current accountant does not have this experience. I am based in Perth but will consider any recommended accountants.
Thanks for any info - Paul

 

• 19 November 2008

• #2

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bobster

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If you haven't already found anything, try the ATO Law database, there are a few cases on what constitutes trading etc and examples of records and documents to to have to substantiate the "business"..

Here is a particularly good one:
http://law.ato.gov.au/atolaw/view.h...99991231235958&recnum=4&tot=2798&pn=ALL:::ALL

ATO Interpretative Decision
ATO ID 2001/745

 

• 19 November 2008

• #3

Grinder

Don't feed the bear!

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Theres a heap of stuff relating to options on the ATO website, don't have any links and about to go to bed so can't be stuffed looking for it. Find a good accountant who knows his ****, thought i had one but turned out I was educating him.

Spoke to a rep at ATO who basically told me to do what you believe is correct and treat it as you would any buisness, had no idea really. Will post the link tmrw if i find it Paul.

 

• 20 November 2008

• #4

cutz

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Hi guys,

Tax treatment info is here,
http://www.asx.com.au/products/options/trading_information/taxation.htm#tax paper click on the link at the bottom of the page titled Taxation treatment of Options - March 2006, i don't think there's any specific tax laws in place regarding options trading but this paper should provide some guidance prior to visiting a qualified tax pro.

 

• 24 November 2008

• #5

Grinder

Don't feed the bear!

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That's the one I was looking for Cutz, good work.