Taxes

pbln87 · 24 January 2012

Hi,

I'm not an Australian citizen or resident but I just opened an online broker account for trading Australian shares. Anyhow, I'm only temporarily in Australia and will go back to Europe. How does it work with taxes over here? What kind of taxes are important, capital gain tax, any other?

Thanks for your help!

Tysonboss1 · 25 January 2012

pbln87 said:
Hi,

I'm not an Australian citizen or resident but I just opened an online broker account for trading Australian shares. Anyhow, I'm only temporarily in Australia and will go back to Europe. How does it work with taxes over here? What kind of taxes are important, capital gain tax, any other?

Thanks for your help!

It would be best to go to an account, your citizenship situation probably changes things a little.

McLovin · 25 January 2012

When you say "not a resident" do you mean you don't have permanant residency or you are not a resident for tax purposes?

Citizenship is normally irrelevant, whether you are a resident for tax puporses is determined by the ATO not Immigration.

As an example (and your own individual circumstances might be very different), if you came to Australia on a WHV and worked and travelled moving around Australia and only working for ~3-4 months, then you would probably not be considered a resident for tax purposes. If on the other hand you entered into a lease contract for 12 months and found a contract position for 6 months, then you might be considered a resident for tax purposes.

As Tyson said, probably best to speak to an accountant.

pbln87 · 25 January 2012

Well, I was a resident for tax purposes while I was here. But I just opened an account and won't be a resident for tax purposes any more as I'm going back to Europe very soon. Hmm ... probably you're right and I should go and speak to an accountant.

Wysiwyg · 5 August 2014

First time received a "Tax Receipt" from the Australian Government thanking me for my contribution and detailing where every dollar of tax I paid went. Big issues :-

36% to Welfare (aged, families, disability, unemployed, other)
17% to Health

So 53% toward services of which I used approximately $140.00 for some medical assistance. If I ever need Welfare or Health assistance it is on record I have already paid the system for it. :frown:

Gringotts Bank · 27 September 2016

Re: trading,

Is marking to market always necessary? I've never liked that idea - would rather calculate after selling and figure it's fair so long as the turnover period is short. Any thoughts?

cynic · 27 September 2016

Gringotts Bank said:
Re: trading,

Is marking to market always necessary? I've never liked that idea - would rather calculate after selling and figure it's fair so long as the turnover period is short. Any thoughts?

Marking to market gives a truer measure and makes it harder to facilitate "wash sales".

Gringotts Bank · 27 September 2016

cynic said:
Marking to market gives a truer measure and makes it harder to facilitate "wash sales".

cheers. "Is not marking to market legal?" is the question I meant to ask.

Ktm549 · 7 June 2019

Hi everyone,

I’m new here, and may this post is in other place.

I’m Australian residence for tax purpose, and I would like to know if some one trade through funded account like Topsteptrader or speeduptrader. My question is how it is work for taxes? Like if I trade my own capital?

Thanks in advance.

Taxes

pbln87

Tysonboss1

McLovin

pbln87

Wysiwyg

Everyone wants money

Gringotts Bank

cynic

Gringotts Bank

Ktm549

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