Yeah THR, the Taxman wants his pound of flesh. In this digital age he will find ways to get it,
especially off the middle income earners.
A golfing mate of mine was told this year by the ATO he was selected for an automated tax
return. He is now a single man with kids left home . Same job for 20 years on wages. Easy tax
return, so why not agree.
What he didn't realise was that the ATO also picked up a CGT event. In their pre-fill they
had every Share trade he had made through COMSEC . for the year.
The chances are if you are receiving automated digital copies of your trades daily and a Monthly
statement, and you have a regulated Forex Broker, the ATO may also have access to that
information.
So it would be wise for anyone trading Forex to file their paperwork in case of an audit one day.
Pay the tax on profits and sleep easy. Saying it's a hobby, won't cut it with the ATO.
