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Thread: Tax gains in stocks and forex tradings

  1. #1
    Join Date
    Sep 2018
    Location
    New Zealand
    Posts
    3

    Default Tax gains in stocks and forex tradings

    Hi

    I am planning to trade in NZX, ASX AND FOREX MARKET.
    But I donít know if I should pay taxes on my gains. I canít find any guides in the IRD website that would assist me on how much should I pay. Is IRD chasing those individual traders? 20-30 dollars gain in a week is very small. But the question is, is it taxable?

    Thanks

    Regards,
    Kylle

  2. #2
    Join Date
    Dec 2015
    Location
    NZ
    Posts
    50

    Default

    Quote Originally Posted by kylle View Post
    Hi

    I am planning to trade in NZX, ASX AND FOREX MARKET.
    But I donít know if I should pay taxes on my gains. I canít find any guides in the IRD website that would assist me on how much should I pay. Is IRD chasing those individual traders? 20-30 dollars gain in a week is very small. But the question is, is it taxable?

    Thanks

    Regards,
    Kylle
    New Zealand does n't have a blanket Capital Gains Tax regime. Please see https://www.ird.govt.nz/internationa...ncome-tax.html hence there should be no tax payable on straight forward investing in shares BUT (Yes it is a big one!) if you are found to be "trading" (as you have mentioned), your income however little would be subject to normal income taxes. What is Investment and what is Income is a fairly complex area of the law so I suggest you seek professional advise before taking your first step as there have been many cases where unsuspecting people have been caught unawares by the tax man on this issue.

  3. #3
    Join Date
    Aug 2005
    Location
    West Auckland
    Posts
    1,029

    Default

    Quote Originally Posted by everest View Post
    What is Investment and what is Income is a fairly complex area of the law so I suggest you seek professional advise before taking your first step as there have been many cases where unsuspecting people have been caught unawares by the tax man on this issue.
    Yes, very good advice

  4. #4
    Join Date
    Sep 2018
    Location
    New Zealand
    Posts
    3

    Default

    Thank you for your advise. Do you anyone who do specialize this area of taxation?

    Regards,

  5. #5
    Join Date
    Dec 2015
    Location
    NZ
    Posts
    50

    Default

    Quote Originally Posted by kylle View Post
    Thank you for your advise. Do you anyone who do specialize this area of taxation?

    Regards,
    No but most tax specialists/Chartered Accountants in your area would be able to help.

  6. #6
    Join Date
    Sep 2018
    Location
    New Zealand
    Posts
    3

    Default

    Thanks I will consult first some accountants

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