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Australian binary options traders are responsible for paying taxes on their earnings. However, the tax laws are not as complex as they are in some other countries. The exact tax liability depends on how much you earn and lose throughout the year.
Plus, Australian traders may not even be required to pay taxes if their profits are under a set amount, which varies by area. Check with your local tax laws to determine whether you fall above or below the tax threshold. It is important to note that Australia is well known for low tax rates concerning all forms of trading. Brokers are not required to send you any tax documents in Australia. Some offer easy to create reports which give you a detailed history of your transactions for tax purposes.
The best way to keep track is by creating your own recording keeping system. List all investments along with the results. You can then have a running total of profits, losses and overall gain for the year. Australia classifies binary options as capital gains and income. Australia does not include binary options under gaming tax like some other countries do.
The way you file will depend on how you use binary options and how much you earn. For small amounts, you may be able to list them as additional income. For larger investments, you may be required to list them as capital gains. Contact a tax adviser, especially the first year you trade, for clarification. The only way to reduce your tax liability in Australia is by deducting your losses. You may also be able to deduct the cost of fees and memberships, especially if binary options trading in your primary job.
Overall, taxes are extremely simple to understand in Australia. Traders are subject to low tax rates and filing is easy. This website is out of date, do not rely on it for current information about binary options.
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