Countries which do not tax traders' capital gains...
- Thread starter OxonianTrader
- Start date
Hey, no debate required; we all have our personal choices and I respect whichever choices people decide to make for themselves. However, I don't know if that same way of thinking is found in Singapore! I am sure that crime is low in Singapore but I personally am not willing to live in an oppressive regime where one is not free to think creatively and where one is not afforded ANY rights under the law. I have a lot of respect for people like you who are willing to give up personal choice for 'the greater good' but admit that I value my freedom of choice too much to do the same.
Nonetheless, I wish you success in Singapore (and the markets).
Quote from Tea:
Its not so much the country, its the citizenship of a country that also matters.
The US taxes you no matter where you live if you are a US citizen - of which I proudly am.
are you proud to pay taxes or are you paying less tnan avg. working guy as some well to do people accomplish
This is a basic summary of the tax situation for futures traders in Australia.
Futures trading income is classified as ordinary assessable income and is not subject to the capital gains tax provisions that we have.
Rates of tax depends on whether the trader trades under his/her own name or through a private company.
For an individual the tax rates are as follows:
Tax rates 2003-04
$0 â $6,000
Nil
$6,001 â $21,600
17c for each $1 over $6,000
$21,601 - $52,000
$2,652 plus 30c for each $1 over $21,600
$52,001 â $62,500
$11,772 plus 42c for each $1 over $52,000
Over $62,500
$16,182 plus 47c for each $1 over $62,500
The above rates do not include the Medicare levy of 1.5%.
Companies are taxed at a flat rate of 30 cents in the dollar.
Ordinary futures traders do not receive any special tax breaks. with the exception of Institutions, Fund Managers who form "Offshore Banking Units". OBU's pay tax at a rate of only 10 per cent!
Futures trading income is classified as ordinary assessable income and is not subject to the capital gains tax provisions that we have.
Rates of tax depends on whether the trader trades under his/her own name or through a private company.
For an individual the tax rates are as follows:
Tax rates 2003-04
$0 â $6,000
Nil
$6,001 â $21,600
17c for each $1 over $6,000
$21,601 - $52,000
$2,652 plus 30c for each $1 over $21,600
$52,001 â $62,500
$11,772 plus 42c for each $1 over $52,000
Over $62,500
$16,182 plus 47c for each $1 over $62,500
The above rates do not include the Medicare levy of 1.5%.
Companies are taxed at a flat rate of 30 cents in the dollar.
Ordinary futures traders do not receive any special tax breaks. with the exception of Institutions, Fund Managers who form "Offshore Banking Units". OBU's pay tax at a rate of only 10 per cent!
Now I am a trader (U.S. resident and citizen) that qualifies to be taxed as a citizen abroad for 10 years, under both conditions above. I had a long talk with my wife, we got married just over a year and half ago. I told her for the greater good..."of saving money" she would have to be willing to "let" me divorce her ( we live in NY) and I could coax some hooker in to letting me marry her for at least a year to gain instant citizenship. My wife is a very open minded person and she agreed that this was the best course of "tax planning" for us at this time. I really think that the tax savings on my trading will be greater than then the emotional stress of the divorce so I'm pretty psyched up about this new found situation. Thanks guys for starting this thread without this thread I would have been stuck in the USA, happily married and paying taxes!
P.S.: Hey IRS this is a test! If this had actually been real and not been a test ChartingMarkets would be sitting in bed with a frying pan indentation in his face.