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Junior Member
Tax on forex?
Hi everyone,
Would any one be able to advise whether growth in a forex trading account derived from being traded by a managed fund would be taxable to a NZ resident. It is a small side investment/ hobby and the primary income is a salary.
Also, if it is taxable, are expenses claimable such as power and depreciation of computer.
Also, does anyone know of an accountant in NZ who has dealt with such a situation before as most appear to not have a clue.
Many thanks
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taxable
probably hard to claim expenses - unless you have a dedicated set up.
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I understood the FX account has to have a substantial balance before and FX gain is classified as income.
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Originally Posted by Jay
I understood the FX account has to have a substantial balance before and FX gain is classified as income.
hes trading so would be caught by multiple tests. Different if you have just a FX account for buy and hold. Having said that, I dont think there is a de-minimus, its just that most just ignore it, including IRD, and gains are probably offset by losses. HTere are threasholds where by you are taxed on a realised or unrealised basis.
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Junior Member
Thanks for the replies guys. Harvey, is there anywhere I can read about the thresholds? Or alternatively does anyone know of a good tax accountant who is aware of such matters. Thanks
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