Paying tax on Forex profits

[entoure]

I have a Live account with Go Markets. Say my account goes from $10,000 to $20,000.
Am I liable to Pay tax on the $10,000 profit ? or Do I pay Tax after I withdwaw money from this account ?????

Also in reference to overseas Forex brokers. Would this be the same. And would it be up to
the individual who has profited from say a FXDD account in Malta..to disclose these
profits, and pay tax in Australia.

Signed Paul

 

[TulipFX]

I have a Live account with Go Markets. Say my account goes from $10,000 to $20,000.
Am I liable to Pay tax on the $10,000 profit ? or Do I pay Tax after I withdwaw money from this account ?????

Also in reference to overseas Forex brokers. Would this be the same. And would it be up to
the individual who has profited from say a FXDD account in Malta..to disclose these
profits, and pay tax in Australia.

Signed Paul

I pay tax at the end of the year as income on whatever profits are accumulated.

 

[Paulo30]

It depends on whether you are a trader or investor.. and also whether you are running a business and/or trading as a part of your other income. The 10k could be considered necessary operating costs, but it could also be considered profit. If you made a 10k loss would you claim it from your other income?
There is no simple answer for this, and you should really speak to an accountant.

I have a Live account with Go Markets. Say my account goes from $10,000 to $20,000.
Am I liable to Pay tax on the $10,000 profit ? or Do I pay Tax after I withdwaw money from this account ?????

Also in reference to overseas Forex brokers. Would this be the same. And would it be up to
the individual who has profited from say a FXDD account in Malta..to disclose these
profits, and pay tax in Australia.

Signed Paul