FIF Quick Sale Rule

[mike8]

Hi all, I'm new to this, joined today.
Just a few questions....I trade US etf's, usually the same few, but about 30 trades a year, I have gone over the $50k threshold limit, and was wondering if there is anyone you can suggest for doing returns or just understanding the complexities of it all. Some small firms are just not interested. I am in the Pukekohe area.
Secondly, If I traded this often in NZ, would I be liable for tax anyway.
Cheers

[Aussie]

mike8, this whole FIF thing is such a PITA . . . I had to switch accountants to a much larger, more expensive firm just to deal with all of this ridiculous crap and I am still confused.

[shasta]

Hi all, I'm new to this, joined today.
Just a few questions....I trade US etf's, usually the same few, but about 30 trades a year, I have gone over the $50k threshold limit, and was wondering if there is anyone you can suggest for doing returns or just understanding the complexities of it all. Some small firms are just not interested. I am in the Pukekohe area.
Secondly, If I traded this often in NZ, would I be liable for tax anyway.
Cheers

That many trades means "probably yes".

Remember the 50k threshold is on the cost price of the equities.

Check out this thread in the Investment Strategies section

http://www.sharetrader.co.nz/showthread.php?t=5964

[mike8]

That many trades means "probably yes".

Remember the 50k threshold is on the cost price of the equities.

Check out this thread in the Investment Strategies section

http://www.sharetrader.co.nz/showthread.php?t=5964

Thanks for that Shasta, looks like I'm not alone.
I returned most of my funds back to NZ early last year to get out of the FIF fiasco. I placed them in a PIE fund here, which has lost money, so I am figuring I may as well reinvest back in the US, make money and pay tax rather than lose money and not pay tax here. The funds I have over in the US are now well above the 50k level.

I enjoy the trading side of things, and have done well over there in a more liquid market.
After calling around 6 tax consultants/accountants I finally have someone happy to meet with me, who doesn't seem phased by the FIF tax rules. I'd rather pay someone and get it right, than be on the wrong side of thr ird.

Cheers.

[shasta]

Thanks for that Shasta, looks like I'm not alone.
I returned most of my funds back to NZ early last year to get out of the FIF fiasco. I placed them in a PIE fund here, which has lost money, so I am figuring I may as well reinvest back in the US, make money and pay tax rather than lose money and not pay tax here. The funds I have over in the US are now well above the 50k level.

I enjoy the trading side of things, and have done well over there in a more liquid market.
After calling around 6 tax consultants/accountants I finally have someone happy to meet with me, who doesn't seem phased by the FIF tax rules. I'd rather pay someone and get it right, than be on the wrong side of thr ird.

Cheers.

I don't blame people for being so confused, i'm an Accountant & find it confusing myself!