Tax obligations for traders

Hi, started investing in shares earlier this year and have been able to get answers to most of my noob questions from a variety of online sources but I am struggling with the tax side of things. I did check the IR3G, IR461, a number of pages in the IRD website and some of the posts in this forum that address tax obligations but still not sure what I need to do to ensure everything is kosher with the IRD. Here's a quick summary of my current situation:
- Joined a NZ based share trading platform at the beginning of this year
- Bought shares in companies listed in the NZX, ASX, NASDAQ, NYSE as well as an US based ETF.
- I do not reach the 50k threshold for FIF
- I now intend to sell as well as buy going forward and according to the IRD's info I will be deemed to be a trader, rather than an investor, and will have to pay tax on gains. Have I assumed this correctly?
Question 27 of the IR3 concerns Other Income which includes 'Income from the sale of non-FIF shares'. With the cost of all purchased shares being less than 50k is this simply a question of entering the gains from the shares and ETFs? Apologies if this has already been answered in a previous post but had a good look and couldn't find it. Also, would appreciate being directed to any of the relevant posts in the forum that cover tax for someone in my position. Many thanks

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Originally Posted by Gruffalo

Hi, started investing in shares earlier this year and have been able to get answers to most of my noob questions from a variety of online sources but I am struggling with the tax side of things. I did check the IR3G, IR461, a number of pages in the IRD website and some of the posts in this forum that address tax obligations but still not sure what I need to do to ensure everything is kosher with the IRD. Here's a quick summary of my current situation:
- Joined a NZ based share trading platform at the beginning of this year
- Bought shares in companies listed in the NZX, ASX, NASDAQ, NYSE as well as an US based ETF.
- I do not reach the 50k threshold for FIF
- I now intend to sell as well as buy going forward and according to the IRD's info I will be deemed to be a trader, rather than an investor, and will have to pay tax on gains. Have I assumed this correctly?
Question 27 of the IR3 concerns Other Income which includes 'Income from the sale of non-FIF shares'. With the cost of all purchased shares being less than 50k is this simply a question of entering the gains from the shares and ETFs? Apologies if this has already been answered in a previous post but had a good look and couldn't find it. Also, would appreciate being directed to any of the relevant posts in the forum that cover tax for someone in my position. Many thanks

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Welcome to the forum. This may be of interest to you https://www.sharetrader.co.nz/showth...660-Tax-advice

Thank you very much for the forum link iceman.