International Question about taxes on profits from trading futures

Discussion in 'Shares & Funds' started by Sigemup, 12th Jun, 2020.

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  1. Sigemup

    Sigemup Well-Known Member

    Joined:
    31st Mar, 2019
    Posts:
    106
    Location:
    NSW
    Hi guys,

    If we trade futures on international markets from down under - when are the taxes supposed to be paid ? Is it annual (i.e. when filing taxes) or would it be quarterly ?

    Also, if we do not trade with business plan etc. i.e just a casual trader who made some profits, how is this classified ?

    Do I need to show accountant when filing taxes all the trades I made and show them strategies etc ?

    Please let me know.

    Thank you
     
  2. The Y-man

    The Y-man Moderator Staff Member

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    Location:
    Melbourne
    Are you trading in your own name or in a trust, company etc?

    The Y-man
     
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Plus Member

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    Tax is assessed yearly, but you might have to pay it quarterly in advance
     
  4. Sigemup

    Sigemup Well-Known Member

    Joined:
    31st Mar, 2019
    Posts:
    106
    Location:
    NSW
    Hi,

    Trading as an individual - casual trading not regular and no specific plan. Happened to make some profits.

    How to pay in advance ? Is there a bpay number that we need to use ? How to get the bpay number ?
     
  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker Business Plus Member

    Joined:
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    Australia wide
    They first year the ATO won't know about any profit so no need to pay until the tax return, then you might have to pay PAYG installments from the second year, which they will send you