if you trade options how are they taxed?

[foreignbloke]

ok ppl dis is probably a strange thread, hopefully there will be someone who can help me on this.

well im 17 years old and i want to know first of all that am i legally allowed to trade options (only simple call and put options) and if i am how are they taxed? like if i make a profit or loss on them how is that taxed? can someone please let me know about this.

 

[markowitzman]

would think at income tax rates rather than cgt but am open to correction onthis...........maybe leaps at cgt?.....I am taxed at cgt on these.

 

[foreignbloke]

well can any one confirm this? also my originial question that do i need to be 18 to trade options or can i do it now? at the age of 17?

(whts cgt mean? capital gains tax or somethin else?)

appreciate if anyone can clarify this.