Taxes in Australia?

Discussion in 'Index Futures' started by WQ41, Oct 28, 2002.

  1. m22au


    It's 30% now, versus the 47% + 1.5% = 48.5% tax rate for individuals on income over 60,000 AUD

    What is an IBC?
    #11     Oct 28, 2002
  2. My understanding is that if you are in the top personal income tax bracket, you will have to make up the difference between the company rate and the top marginal rate. So you are no better off.
    #12     Oct 29, 2002
  3. IBC is an International Business Corporation - and offshore company.

    #13     Oct 29, 2002
  4. man that sucks so hard!

    just to give american folks an idea, that's like hitting top marginal rate at $33,000! and australia has a 10% goods and services tax on pretty much everything except food. what a joke!
    #14     Oct 29, 2002
  5. Ktm549


    Hi everyone,

    I’m really new here. I wonder to know if the taxes is the same for a funded account like topsteptrader or speeduptrader? Is it through personal ABN? Due I won’t trade my own capital I’m not really sure how that work.

    Also, some one know a good accountant based in Melbourne for day trader?

    #15     Jun 7, 2019
  6. traderjo


    First decide if you are thinking of migrating to Australia for lifestyle reasons or purely for Tax purposes.
    - If it is for tax reason it is not a low tax environment (as compared to Singapore) it is a mixture of Capitalist and Socialist system so pros and cons
    - Lifestyle wise it is good, among one of the top but on expensive side
    If you want a mixture of lifestyle and low tax then perhaps UAE / Singapore etc are better
    but again it depends upon your end goal? Dependent Children / Education cost etc

    Few things to remember
    - ATO is very smart and if you are resident of AUS for tax purposes you have to declare ALL global income, you can get tax offset if the other country has a Double taxation treaty . Forget abut the idea of having an offshore company and not declaring any income from that company to ATO .
    - Within Australia even if you trade under a company entity and then draw a salary please check with an AUS accountant if this will be considered personal services income and the so called 80/20 rule ( more than 80% of income from once source ) if it does then the "advantage" of trading as a company may not apply!

    So lots of variables dont assume things

    Resident tax rates 2018–19
    Resident tax rates 2018–19
    Taxable income

    Tax on this income

    0 – $18,200


    $18,201 – $37,000

    19c for each $1 over $18,200

    $37,001 – $90,000

    $3,572 plus 32.5c for each $1 over $37,000

    $90,001 – $180,000

    $20,797 plus 37c for each $1 over $90,000

    $180,001 and over

    $54,097 plus 45c for each $1 over $180,000
    #16     Jun 7, 2019
    luisHK likes this.
  7. luisHK


    Interesting, the OP dates from 2002 though, he probably made up his mind already, Ktm549 could have started a new thread - it took me a while to realize it was from 2002, was wondering how someone could advice nowadays to trade through an IBC and just hide the income. it used to work fine, but afaik no longer.

    Fwiw I've been 3 times to Oz (plus once to NZ) in the last 3/4 years and found quality of life second to none.
    it might depend on the season but as a tourist places like Darwin and Perth were noticeably cheaper than Melbourne and Sydney.
    #17     Jun 7, 2019
  8. themickey


    I just spent a week in QLD, Surfers Paradise/Gold Coast & Byron Bay.
    Must say it was one of the nicest places for tourists.
    Great coast line, plenty of things to do and see, very friendly atmosphere.
    #18     Jun 7, 2019
  9. Ktm549


    Thanks everyone for answers,

    I have been in Australia for 4 year. Also, trading should be my second income due I work as a full time in other jobs. So, I’m resident for tax purpose. I’m so close to be funded for topsteptrader and I just wonder to know if my income should be like if I trade with my own capital?

    For example, I know in my homecountry (Spain) to be a funded trader, have to pay a couta like a feeelance people, and the % per range if higher than you trade with your own capital.

    Hope make me clear.

    Thanks guys
    #19     Jun 7, 2019
  10. traderjo


    #20     Jun 7, 2019