Buying and selling ASX shares - tax complications

Recently I have been buying and selling during the day. To make a quick profit. I live in NZ I use ASB trading account. Just wondering do I need to pay capital gains? Or any taxes. I have been trading in and out with couple of months now.

If noone else wants to venture an opinion I will.
In my opinion you would need to pay tax on any gains and could deduct any losses. It is not a capital gain if its a trading profit. You are a bit like a retailer buying stock and selling for a profit.

Given the limited info provided in your question, the answer is an unequivocal Yes. You have bought with the intent to sell.

Sorry to resurrect an old thread but I thought it would be better than creating a new one.

If I am a day-trader and I am conducting most of my trades on the ASX, would I only have to pay income tax in NZ? (I am a citizen and resident of NZ)

Any Australian tax requirements?

For tax purposes lets say I am operating as a sole trader.

Thanks

you only need to pay NZ tax ....I'd recommend to talk with a good accountant ...I trade ASX ..within NZ company and pay 28% tax on profits / claim any yearly losses etc ...... SKY TV/mags books / internet/laptop/printer etc / cell-phone / commissions.... all tax write-offs ..

what is this $50k threshold i see people mentioning sometimes? does this mean if your trades are generally under 50k youll likely fly under the radar and not have to pay any tax?? :huh:

I expect they're talking about the foreign investment fund rules - http://www.ird.govt.nz/toii/fif/how-...tax-threshold/

It assumes your overseas investments are generating a minimum taxable return which you'll be liable to pay if you have over $50k invested overseas. If you've followed the TOP housing tax, it's basically the same thinking...

Since most New Zealanders hold their overseas assets though PIE funds, it's not really mentioned in the mainstream media etc..

HTH

Quote:

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Originally Posted by huxley

I expect they're talking about the foreign investment fund rules - http://www.ird.govt.nz/toii/fif/how-...tax-threshold/

It assumes your overseas investments are generating a minimum taxable return which you'll be liable to pay if you have over $50k invested overseas. If you've followed the TOP housing tax, it's basically the same thinking...

Since most New Zealanders hold their overseas assets though PIE funds, it's not really mentioned in the mainstream media etc..

HTH

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Do they really? Well I never!

I would have thought that for many if not most, 10% Australian NRWT would have been more attractive than 28% New Zealand PIE tax. mind you, I'm assuming they're all "r*ch pr*cks"

Quote:

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Originally Posted by GTM 3442

Do they really? Well I never!

I would have thought that for many if not most, 10% Australian NRWT would have been more attractive than 28% New Zealand PIE tax. mind you, I'm assuming they're all "r*ch pr*cks"

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You still have to the difference in your marginal rate and the 10% NRWT. Or are you suggesting that can be ignored?