I am just wandering about the above topic because i saw a lot of automated forex trading robot sold

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What sections of the ATO tax acts is foreign currency trading? That is cash base online trading with no physical goods exchange? The tax treatment of foreign currency gains and losses is discussed in Division of the Income Tax Assessment Act The Division effectively caters for all types of foreign currency transactions including having a foreign currency denominated bank accounts and shares, overseas rental properties, trading stock, hedging transactions as well as the purchase and subsequent disposal of capital assets.

Section states that foreign gains are assessable when they are realised unless it is a gain of a domestic or private i am just wandering about the above topic because i saw a lot of automated forex trading robot soldsuch as when you go travelling overseas on holidays or purchase goods for personal use.

However to take advantage of this exemption you must make an election to disregard any realised foreign currency gains or losses for accounts with a balance under this threshold. Sub-division C of the Income Tax Assessment Act sets out the rules for foreign currency to be translated into an Australian dollar amount including the use of an appropriate prevailing exchange rate for the translation. Reply "Am I reading this right? Reply "Not quite Dave.

Reply "Hi Mr Taxman, Thank you for providing such informative site for all of us - very gen of you! My question is about Forex Currency Trading. Also, how many years are Business losses quarantined for?

Thanks so much in advance Mr Taxman! Reply "Where on the etax do i enter my profits or losses? Also, just trying my luck, are paid forex courses tax deductible? Reply "Forgot to mention, i am just a small time casual trader who just started only 5 months ago".

If you conducted the courses prior to doing any trading then you cannot claim them just like a uni graduate cannot claim their courses they studied before they got a job. Reply "I hope someone can help me. I doing my etax and am not sure if my Forex trading losses is deductible against my Assessible Income, or does it falls under Capital Loss. I opened up a Forex trading account abroad and it had been traded by a company for a month but it suffered losses so I closed my account and pulled out the remaining fund.

Reply "Victor - your trading losses are quaratined against future trading gains. Can you please direct i am just wandering about the above topic because i saw a lot of automated forex trading robot sold to a section on the ATO website where I can read about this ruling mentioned in your reply to Victor Aug 24, ". Reply "Here is some info on the non-commercial losses rules http: Reply "To meet the 20k turnover do you add up sales or profits on completed trades".

If so, where in an individual's tax return does it belong? Reply "You can show the loss in the foreign currency income question of your income tax return. Or do accounts only qualify if they are pure bank accounts? Reply "Mr Taxman, would like to know if my beginner's forex trading loss should be put onto my eTax or not? Also had a foreign option trading account for years in loss - will it be tax dedutiable only towards any future capital gains?

Reply "By all means include in your tax return. Trading losses are quarantined to future tax years unless you satisy one of the non-commercial losses rules where they can then be used to offset future trading profits. The account only derives interest income monthly. Reply "Regarding "foreign gains are assessable when they are realised": From a business point of view, does 'realised' mean that I only have to pay tax on the profit when I withdrawl the profit from the broker's account?

In other words, if I leave the profit in the broker's account and continue to trade with the profit, I wont pay tax until I start withdrawing? Is that right or am I way off base? Reply "Way off base. Reply "Thanks for the reply. Is that tax paid monthly, quarterly or yearly and do we have a choice in that matter?

Reply "hi, i trade currencies on fxcm and i have no idea how much tax i need to pay or if i need to pay tax on it at all? Reply "What documentation have you provided your accountant? All trades during the year? Summary position at year end? Reply "Hi, i currently holding some speculative currencies that I have exchanged Aussie dollars for.

I hope to exchange it back at some point when it has appreciated. As this is an exchange and not an investment, am i liable to pay tax on this? Reply "Sounds like you are i am just wandering about the above topic because i saw a lot of automated forex trading robot sold on a business. What is the value in AUD? Reply "I have just started trading and want to know what my tax implications are with regards to forex trading.

What tax rate do you pay? Is there a tax free threashold? Can you also purchase a computer and use the cost against any tax? If you don't have any other income then you will get the tax free threshold. Expenditure directly related to your income activity will be deductible to the extent that they occurred after you started the activity - that is, you can't claim that course last year that pushed you into trading. Reply "Hi, will ato regard trading forex full time as a Personal Service Income?

I would not consider it to be Personal Services Income. Reply "hey taxman, I want to rent an apartment with a room dedicated to my forex trading. Reply "Yes you can claim the portion of rent for that room Mandy. The ATO frowns on taxpayers saying "its about one-quarter of the place"". Reply "Hi Taxman, I am a part time currency trader, would capital gains tax be applicable on Forex trading or is it just reported as normal income ".

Reply "Normal income if you are a trader, regardless of the time that you spend trading. Reply "If the room is used exclusively for trading then yes you can claim the portion of rent but if you are using that room for private purposes eg your bed is there and merely have a computer in the corner of room then no chance of claiming. Reply "Hi Mr Taxman, I have an account that essentially works as an automated trade service from a signal provider.

I don't do any actual trading myself, I just log in and check occasionally as the money increases, but it is only a small amount, less than 5K. It is, however, with an Australian Broker, not offshore. Will I need to declare this on Tax and pay a fee? So in this particular instance when a there is a trade copier service or some automated software that actually does the trading can a tax effective structure be put in place. If so, would a setup for Individual, Company or a Trust be the best option or should you leave for Port Villa?

What is your advice? Who did you set up the account with? What is your income in percent? Are they based on Queensland? I am looking for something like that and found one in Queensland. They claim minimum 50k profit in a year. Are you happy with their service". Reply "Hi Mr Taxman, My parent overseas want to help me with home deposit. I want to know if this money is taxable. I know that any amount I receive has to be shown at IT4 target foriegn income.

I called up ATO twice and the person otherside said that if it is a regular gift it is an annutiy and need to be assessable. I do not believe it is an annutiy. Can you please through some light on it and also what documents do I need to maintain so that ATo does not confuses it with foriegn income". Reply "Many thanks for your email. Reply "I am still trying i am just wandering about the above topic because i saw a lot of automated forex trading robot sold work this out for my tax.

I traded currencies through FXCM for approx 6 months whilst working full time. Am I able to claim that against my taxable income from my normal employment? Reply "It wouldn't be a capital loss based on your volume of trading activity.

I trade forex and have a full time job. Will it be better to open a company to do my forex trading? I a looking at the most tax effective way. I also rent a place and would like to right of the room as an expense. However any drawings of profits that you take out of the company are assessable to you personally anyway so you would need to leave the funds in there. Reply "I beg to differ Richard. You are assuming no wage being drawn from company which you would need to do if you are drawing funds out of it!

Reply "Hi Mr Taxman. Firstly thanks for all the responses to these questions it's helped me out a lot. If this is the case, can my company purchase non business realated items and assets for personal use by it's employees? Reply "In relation to funds drawn out of a company there are two main scenarios - a you take it out as a wage in the year that income is derived or b you take it out as a dividend from prior year profits.

Reply "Hi I am a active online forex trader trade volume is over trades in a year and had a loss of 20, and on other side i am self contractor accountant have ABN for accounting work and have income i am just wandering about the above topic because i saw a lot of automated forex trading robot sold accounting work Can i reduce my share trading loss from a contracting income and pay tax only on

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In forex trading the power of compounding can be used to reach a future in which a person lives from trading. However there are several aspects we must take into account to make the calculations as realistic as possible. Let us also assume that a given quantity of money is saved each month and all the accumulation is added once the system reaches a new equity high. If a person invests USD in such a system and the amount saved each month is USD, this is the growth perspective that the person will get: The profit scenario we get is effectively cut to one half, reaching only K in 20 years.

In this worst case scenario the person has reached a point were he or she gets a 61K yearly profit in 20 years. The monthly savings are what counts in the ends since they amount to the majority of the invested capital. In 10 years reaching already a yearly income of 23K, as shown on the table below.

As you see, profits become a lot more variable but an equity high of 1 million dollars is still reached and a new equity high will be reached if the system continues to function appropriately. Long term success in trading demands continuous investment and a true commitment to financial freedom.

It demands a lot of knowledge and a lot of confidence. If you are interested in learning more about my trading systems and their risk and profit targets please consider buying my ebook on automated trading or joining Asirikuy to receive all ebook purchase benefits, weekly updates, check the live accounts I am running with several expert advisors and get in the road towards long term success in the forex market using automated trading systems.

I hope you enjoyed the article! Posted in Articles , learning forex Tags: March 2, at 4: Adding the issue of adding extra money to the account each month dilutes some of the effectiveness of your argument, because I can't be sure how much of the final gain is due to the monthly additions versus the capital gains. Also, the monthly additions make it more complicated to calculate the tax burden since you only pay tax on the capital gains and not on the new additions which are presumably money that you have already paid taxes on.

This could wipe out years worth of patient savings which could be devasting both financially and psychologically. This way, at least if you wipe out, you are playing with the "house money" at that point versus your long terms savings.

Also, in my comparison, I chose to compound weekly rather than annually since the Megadroid seems to gain a slow steady fashion with occasional drawdown versus some of the systems you follow which more "lumpy. Your results will suffer from a single year compounding versus weekly compounding. Its pretty clear that a shorter compounding timeframe will lead to larger gains. And this is a reality with Megadroid since it increases lot sizes as the account grows so the effect is very real.

Understood if I need to subscribe to your newsletter to get that info. You got to the point. From now on even investors with small capital and a litle bit monthly savings can if they follow the nine reasons for not failing, from your previous post look at automated trading as a real investment.

And of course all type of investments have their own risk. Even life is a constant risk. But if you know what you are doing and follow the rules the risk is minimized and the rewards are great. Of course compoundind weekly will give more returns than yearly. But compounding early was just an example, because the rule is to add capital as far as the account reaches higher equity and the EA will calculate, the new lot amount to trade, based on that new equity, meanning that compounding will depend on how many times new equity are reached annualy.

And I do not think its fair Txcmon coming always to this blog trying to "sell" Megadroid. You Daniel already made your point about that robot. So in my opinion discussion about the merit or not of that robot should take place in another forum.

Sorry Txcmon, I do not mean to offend you, but thats my opinion. You could have made your point without mention that robot. The monthly additions are easily calculated.

During 20 years of USD additions you will have K added as savings. They are a significant amount of capital but the amount they represent of the total changes depending on the actual profit gained. The concept of facing "wipe outs" is simply not acceptable. I use automated trading systems for the long term and the way in which I continuously evaluate them allows me to stop trading them if they face a worst case scenario which will in NO CASE be even close to a wipeout.

In addition, NOT adding money to an account will doom you to low profitability since your ability to compound will be awfully limited. For me, the way you are approaching long term trading is very unsound. You are using a system you do not understand you don't know the exact logic behind it with backtesting results that are not reliable therefore you have no knowledge about long term profitability and with a terrible broker dependency problem due to spread widening and other such things your backtests are probably GREATLY under estimating draw down due to these issues as I mentioned on an earlier post.

Please don't take this the bad way: It would be great if you could join asirikuy and watch all the videos there. I honestly feel that you would like them: Anyway, thanks again a lot for your comment: Thanks a lot for your comment Cador: I am glad you have liked the post!

Of course, there is a lot more to reaching this long term profitable goals than just running the systems. Using automated trading systems is far more than setting up a robot and forgetting about it and this is what will mainly protect people who are aware of the 9 other reasons mentioned on yesterday's post. You need to constantly understand, expect from and evaluate your trading systems.

Something which you simply cannot do with a system you do not fully understand. I chose yearly compounding over monthly or weekly compounding mainly because I wanted to portray a worst-case scenario regarding compounding rate with the system maintaining average yearly profitability because otherwise compounding calculations may reach unrealistic results which may get people excited and encourage the use of unsound trading tactics, systems or excessive risk.

Backtesting and live trading has shown that several of the systems available at Asirikuy may actually compound at a much faster rate. Regarding the mentioning of Megadroid, I am actually not bothered by that but I am truly concerned about the fact that Txcmon is trading a system as long term profitable when there is no evidence of this being the case with the evidence NOT being reliable as I pointed out.

Even more, as I mentioned on the previous comments, trading a system one does not understand is a road to failure in the long haul. However as you say, in the future it would be best to keep references to the robot away from the discussion and within the posts pertaining to that system. Thank you very much again for your comment Cador: I am learning about Forex and have 5 books on it and any other books I can find. Since you are the mathematical people could you do a bit of calculating for me And how would that work with your compounding system.

Very interested and still learning forex. Suppose also I can learn with a demo account. Also I was just wondering when I sell my pips does it go straight into my account so I compound it straight away or do I have too wait for it to go back into my account? Mail will not be published required. Mechanical Forex Trading in the FX market using mechanical trading strategies.

March 2nd, 5 Comments. The discussion centered mainly around the capital requirements to gather wealth in forex trading and my strongest argument to say that people can live from trading starting with small investments is the fact that compounding brings a large amount of wealth accumulation, even when you take into account all the taxes that have to be paid due to capital gains which was also part of the discussion.

But how does compounding actually work? March 2, at 5: November 11, at 8: Leave a Reply Click here to cancel reply.

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