Trading in US with IB - tax in AUS?

[arruga]

Hi
I just opened an account with IB to trade US stocks, AUD as base currency...
Can anybody please explain to me tax responsibilities ?
If I keep the money in my IB account (USD), do I still need to declare gains in my AUS tax return ? or only when I move it back to AUS currency is it considered a realized gain ? can anyone point me to a link with an explanation on how to treat USD gains for tax purposes ?
thanks
a.

 

[N money]

Hi Traders

My understanding is regardless of the currency, it has to be declared, depending on the amount of profit
you make will determined the amount of tax you will pay and of course your current earnings..
My accountant told me that if its a high profit, will have to be declared as capital gains, if only small profit
can be classed as hobby....Not sure of the % difference...sorry I couldn't be of much help, I suggest you talk to your accountant.

Thanks.....:0)

 

[skc]

Hi Traders

My understanding is regardless of the currency, it has to be declared, depending on the amount of profit
you make will determined the amount of tax you will pay and of course your current earnings..

Yes.

My accountant told me that if its a high profit, will have to be declared as capital gains, if only small profit
can be classed as hobby....

No. That's not how one would differentiate between capital gains, trading income or hobby.

I suggest you talk to your accountant.

Yes.