Interactive Brokers

Gringotts Bank said:

Thanks very much rnr, fraa.

Would anyone know what setting up a business involves? To date I have just traded under my own name. I'm assuming this could be a lot more complex than I'm imagining. Are there different tax rules, for example?

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bellenuit said:

I don't know what type of trading/investing you plan, but some notable tax difference for companies are:

- companies cannot claim the 50% CGT discount for investments held for one year or more.
- although the 45 day rule applies for franking credits on dividends received by companies, there is no annual limit below which the rule doesn't apply.
- tax rates are entirely different (a flat 30%, or for those under $1m revenue, i think, from this year a flat 28%).
- no medicare levy or medicare levy surcharge.

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Gringotts Bank said:

IB will be setting up a local entity some time soon hopefully (not just an office). And re-negotioating with ASIC. Will re-apply then. Easier.

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Gringotts Bank said:

IB will be setting up a local entity some time soon hopefully (not just an office). And re-negotioating with ASIC. Will re-apply then. Easier.

Click to expand...

Gringotts Bank said:

IB will be setting up a local entity some time soon hopefully (not just an office). And re-negotioating with ASIC. Will re-apply then. Easier.

Click to expand...

Gringotts Bank said:

IB will be setting up a local entity some time soon hopefully (not just an office). And re-negotioating with ASIC. Will re-apply then. Easier.

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minwa said:

:aus: Great news, where'd you hear this ? Can't wait to get back into IB for FX..

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-Bevo- said:

That is just the same old story they been telling for years.
my guess is nothing will ever change as they don't want to pay all
the different fee's ASIC attach for different licence's (margin, Forex market maker etc).
I heard from someone who rang ASIC after Forex got pulled that ASIC said they were not talking
with IB in regard to a FX licence and they didn't expect they ever would even though IB were
saying different.
The only way I know around this is to start a LLC in Delaware.

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Gringotts Bank said:

Well I believe them.

LLC in Australia will do. Delaware not necessary.

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-Bevo- said:

I never investigated company setups LLC Australia never heard of such a thing ??

As I understand and don't quote me Delaware setups don't require US bank account,
money can transfer direct to IB from here still pay tax in US.

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-Bevo- said:

You would still be under ASIC being Australian then?

If that's the case still no Forex you just get margin.

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Gringotts Bank said:

IB will be setting up a local entity some time soon hopefully (not just an office). And re-negotioating with ASIC. Will re-apply then. Easier.

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freebird54 said:

Has anyone else got a BBY controlled a/c with IB and found IB not to want to know - cant touch my cash or stock [Over $50,000] and they Dont reply to emails any more
Anyone else getting concerned?

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CanOz said:

What does BBY mean? I've never had any issues with IB, period. My only complaint is lack of margin. Why can't you access your funds? Just sign in and do whatever you want???

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