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kennyboy
20-04-2011, 08:11 AM
I opened a foreign exchange account ($A) and I think any gain is taxable.True? How do i calculate the gain?

shasta
20-04-2011, 08:23 AM
I opened a foreign exchange account ($A) and I think any gain is taxable.True? How do i calculate the gain?

Hi Kennyboy,

If you have opened the account to trade in FX - then yes gains will be taxable, if you have set up the a/c to hold funds to invest in stocks in that exchange/currency it wont be.

As an individual u account for gains & losses on a realised basis, meaning only completed trades buy/sell will count, not unrealised positions.

Depends if you trading FX, or buying stocks (or a mix of both) for how to calculate gains, its not too difficult & if u posted your actual trades/intentions others will be able to help

kennyboy
20-04-2011, 09:13 AM
I put $A dividends in and buy occassioanl A shares. No FX trading. Interest accumulates as well.

shasta
20-04-2011, 09:33 AM
I put $A dividends in and buy occassioanl A shares. No FX trading. Interest accumulates as well.

You will need to account for the FX gain/loss along with declaring the dividends, probably easiest to keep a record of all ins & outs on a spreadsheet, as each transaction will hold all the details of the FX rate used on the day, u just then need to use the FX rate at 31 March 2012, on the balance of cash in the a/c

kennyboy
20-04-2011, 09:53 AM
Thanks that looks maneagble as you say using a spreadsheet. I'll get into it Cheers.

shasta
20-04-2011, 12:59 PM
Feel free to post questions, or message me if you prefer ;)