Tax Intelligent Options Trader Guide
By: Warren Black
About the Tax Intelligent Options Trader Guide
In this economic boom, with the prices of stocks and commodities skyrocketing, it is easy to get excited. In particular, many people are discovering that a wonderful way to increase your returns is through trading options as opposed to the stock or commodity itself.
Many people are now learning to trade options through wealth education courses, to supplement their income, or as a full time business!
But we quickly come back to earth when tax time hits. Questions come up such as:
"How are our profits taxed?"
"Can I claim my seminar courses as a tax deduction?"
"Can I claim my losses [if you are unfortunate enough to make losses] from my trading against my salary income?
It is amazing how little guidance there is on the tax implications of options trading. The ATO don't really know. They have no Rulings on the issue. Nor are there any books or guides on the topic, apart from the ASX paper, which can require some training in reading hieroglyphics for the layman!
The book "The Tax Intelligent Options Trader" was birthed from a tax seminar conducted by Warren Black for options traders. In preparing for the seminar, Warren was amazed at the lack of literature on the tax treatment of options traders.
The result is, to the best of our knowledge, the first book of its kind in Australia, that deals effectively with the tax treatment of options traders.
I would encourage any accountant or financial planner who has options traders as clients to purchase this ebook, and encourage their clients to do the same.
The book has been written in a simple question and answer format in simple English to help options traders without accounting or legal experience. It asks questions such as "what is the best structure to trade options", "can I claim my courses as expenses" and many other similar questions.
DISCLAIMER
This book is not intended to be an exhaustive guide. It is designed to help options traders, and their accountants and financial planners to understand the tax issues arising as an options trader. Every case is different, however, so make sure you seek professional advice from an accountant or lawyer for your specific circumstances before acting on any of the information in this book.
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