Taxation on CFD's in Australia

[jiggy]

Does anyone one know what the ruling is on trtadingcfd's in australia from
a taxation perspective??

THanks in adavnce

 

[RichardDale]

Here's the take on GST and CFDs.

http://law.ato.gov.au/atolaw/view.htm?docid=GSD/GSTD20053/NAT/ATO/00001

It takes a lot of words to say that GST is not applicable to trading on the contracts (just the same as trading shares)

Here's a link to the ATO's draft determination on the applicability of income tax/CGT to CFDs trading:

http://law.ato.gov.au/atolaw/view.htm?find="TR 2004/D17"&docid=DTR/TR2004D17/NAT/ATO/00001

Cheers,
Richard.

 

[jiggy]

Here's the take on GST and CFDs.

http://law.ato.gov.au/atolaw/view.htm?docid=GSD/GSTD20053/NAT/ATO/00001

It takes a lot of words to say that GST is not applicable to trading on the contracts (just the same as trading shares)

Here's a link to the ATO's draft determination on the applicability of income tax/CGT to CFDs trading:

http://law.ato.gov.au/atolaw/view.htm?find="TR 2004/D17"&docid=DTR/TR2004D17/NAT/ATO/00001

Cheers,
Richard.

thanks

 

[trustdoc7]

Capital Gains tax on CFD's...

Am I missing something??? CGT is applicable...

15. A financial contract for differences is a CGT asset under section 108-5 of the ITAA 1997.

16. On the maturity or close out of a financial contract for differences, CGT event C2 happens (section 104-25 of the ITAA 1997).

17. The CGT gambling exemption in paragraph 118-37(1)(c) of the ITAA 1997 does not apply to disregard capital gains or capital losses arising from financial contracts for differences.

thanks