Thread starter RichKid Start date Oct 10, Jump to new. Joined Jun 18, Posts 3, Reactions 3. Does anyone know much about financial spread betting? You more or less bet on the direction of a share price or index. IG determines the spread. IG has many markets and method built around it. The main advantage is supposed to be that you don't pay tax but that is controversial. I asked for a PDS but they didn't send me one. IG and the taxpayer involved plan to appeal it and litigate the matter if required but I have not found any cases.
Apparently the NSW gambling industry is not too happy about it as it would mean more competition. Factors that may be taken into account in deciding if a taxpayer is carrying on a business include whether the gambling is conducted in a systematic, organised and businesslike way, the volume and size of the gambling, whether the gambling is related to, or part of, other activities of a businesslike character,whether the form of gambling is likely to reward skill or judgment or depend largely on chance and whether the taxpayer is gambling principally for profit or for pleasure.
We are aware that the ATO has issued a private ruling under which it has ruled, in respect of the individual seeking the ruling, that the winnings were assessable as income and as a capital gain on the basis, amongst other things, that entering into a spread bet is so likely to reward skill and judgement and so commercial in nature that winnings will be assessable income, even if it is accepted that the bet is gambling, is not made in the course of carrying on a business and is an isolated transaction.
Ask questions, share your knowledge and discuss your experiences with us and our Community. A trade would typically never be greater than 12 months. Most helpful response. Generally it would depend on your own particular circumstances as to whether you could be said to be merely gambling or undertaking recreational activity or undertaking taxable activities.
If you're carrying on a business of these activities then gains are declared as ordinary income and losses can be deducted against other income. If you are found to be undertaking commercial business like transactions then similar outcomes apply.
Otherwise, your outcomes are treated on capital account and any losses cannot be offset against assessable income. Private rulings are binding advice from us that explains our view on how tax law applies to a specific situation. They are free services and we aim to response within 28 days from receiving your request. Have a question about JobKeeper? Skip to main content Skip to navigation Skip to search. Visit ATO. ATO Community home. Login Search Ask. Digital services.
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