HYIPs and tax reporting

[goffa]

Just wondering how you guys report your HYIP earnings for tax purposes, if you report them at all. Theoretically we should all be reporting the money we earn from these programs. However, what happens when we lose? Can you report the losses as well? If so how do we prove these losses?

[sstrangy]

Im a taxation in australia. According to our laws u should declare all income made in a given year. If you do declare this income you may also claim any expense incurred in earning this income. For example internet access fees, computer depreciation, subscription costs, capital outlays, and capital losses. Any loss that you make can be offset against any profit that you make in the same year or any subsequent year. Does that help u any?

[rcox]

What about the legality of investing into HYIPs? Is it legal to invest into non registered programs? Anyone know?

Rick

[johnmichael]

Im a taxation in australia. According to our laws u should declare all income made in a given year. If you do declare this income you may also claim any expense incurred in earning this income. For example internet access fees, computer depreciation, subscription costs, capital outlays, and capital losses. Any loss that you make can be offset against any profit that you make in the same year or any subsequent year. Does that help u any?

i like australian tax setup


john

[sstrangy]

U can an invest in anything u like. Ideally if you earn income you have to declare it. Recently in Australia convicted Druglords had to be tax on their earnings from selling drugs. Is that a good enough answer??