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Acting as an agent

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Initiate

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Replies 1

My father provided significant capital that I used to buy and trade assets (cryptocurrency), on his behalf, because he is not very computer literate. This was done using exchange accounts registered in my own name.

Can the profit still be accounted for in my father's tax return - or am I stuck with the tax liability?
I was acting an as agent, serving in a fiduciary capacity - he is the beneficiary of the income. Bank records substantiate that the capital was transfered from him.

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Taxicorn

Replies 0

I'm afraid the ATO will see this as your investment/trading business.

Best to sell up and restart ASAP under his name ASAP.

 

 

 

1 REPLY 1
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Best answer

Taxicorn

Replies 0

I'm afraid the ATO will see this as your investment/trading business.

Best to sell up and restart ASAP under his name ASAP.