The Australian Taxation Office has warned that spread betting could soon become subject to tax, after being publicly vaunted as a tax-free alternative to share-trading.
Spread betting involves speculation as to whether shares, commodity prices, or currencies will rise or fall within a given time-frame, making it somewhat akin to purchasing futures contracts.
Tax Commissioner, Michael Carmody announced that the ATO is looking carefully into the tax issues involved in this type of gambling, but refused to offer any more detail:
'We will shortly announce an official view to provide clarity to taxpayers,' he explained in a statement released last week.
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