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Tradingboy(Newbie)Newbie
3 Feb 2024

Hi ATO,

I am planning to do forex trading using the capital provided by FTMO prop firm. I would like to know the following:

  1. What are the steps to perform forex trading with prop firm e.g., FTMO in Australia?
  2. How do I pay my taxes e.g., is it done yearly through MyGov?
  3. Is there a certain threshold amount I need to reach to be eligible to pay taxes?
  4. Do I need an ABN and if so under what category will I fall under, whether doing forex trading as part time or full time?
  5. Is there a recommended broker for prop firms in Australia?
  6. Is trading with prop firms legal in Australia?

Please could you answer the above questions as I tried researching online but could not find relevant information for Aussies. I am new to trading and I want to make sure I am not doing anything illegal, and I have required information to start my trading journey in Australia. Thankyou

1,852 views
1 replies
1,852 views
1 replies

Most helpful response

Most helpful reply

Deb_ATO(Community Support)Community Support
13 Feb 2024

Hi @Tradingboy


Looks like you’re getting fully informed and have worked out exactly what you need to know.


In relation to your questions about Prop Firms and recommendations and trading, we don’t provide recommendations or steps to perform forex trading with prop firms.


We do have guides and processes once you’ve started forex trading.


In relation to your other questions, I can give you solid info here.


Yes, you can lodge a tax return and pay any taxes that are due from that tax return through myGov.


Yes, we do have a tax-free threshold, but if you’re a foreign or non-resident you don’t receive that.


If you need an ABN for forex trading, only eligible entities will be issued with one. You'll need to find out if you're entitled to one.

All replies

Most helpful reply

Deb_ATO(Community Support)Community Support
13 Feb 2024

Hi @Tradingboy


Looks like you’re getting fully informed and have worked out exactly what you need to know.


In relation to your questions about Prop Firms and recommendations and trading, we don’t provide recommendations or steps to perform forex trading with prop firms.


We do have guides and processes once you’ve started forex trading.


In relation to your other questions, I can give you solid info here.


Yes, you can lodge a tax return and pay any taxes that are due from that tax return through myGov.


Yes, we do have a tax-free threshold, but if you’re a foreign or non-resident you don’t receive that.


If you need an ABN for forex trading, only eligible entities will be issued with one. You'll need to find out if you're entitled to one.

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