Shares & Funds Joint trading account

Discussion in 'Accounting & Tax' started by hash_investor, 26th Sep, 2020.

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  1. hash_investor

    hash_investor Well-Known Member

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    Here is an easy one for tax accountants.

    If I have a joint trading account in commsec does that mean all profits made in that account are split between both holders or it depends on the who bought the parcel of shares?
     
    hash_investor, 26th Sep, 2020
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Legal owners generally taxed unless equitable ownership different
     
    Terry_w, 26th Sep, 2020
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  3. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    Yes, However a legally constituted partnership (not spouses !!) which share profits and losses in some other fixed manner could be possible. The partnership would have to have been documented prior to any trading etc. Once that % is determined prior to trading it cannot be altered. Part IVA would apply to any efforts to manipulate the %. If there is no documented agreement in existence dont attempt to create one and use equal shares.
     
    Paul@PAS, 28th Sep, 2020
    #3
  4. The Y-man

    The Y-man Moderator Staff Member

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    I honestly read the title incorrectly! Hash investor asking about trading joints.... :eek::eek::eek::eek: :D:D:D

    The Y-man
     
    The Y-man, 28th Sep, 2020
    #4
    wombat777 and datto like this.
  5. datto

    datto Well-Known Member

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    ^^^ yeah. I was about to put an order in.
     
    datto, 28th Sep, 2020
    #5