Evening all
No trading for me today - still sitting on a parcel of ESE from the other day.
Had a brief skim of the arvo thread and saw mention of claiming a trading loss off your income..
I stand to be corrected.. but unless you are a full time trader (and recognised by the ATO as such) you can't claim your loss against your tax from your "regular" job.
You CAN claim a capital loss against a capital gain.
That is to say your profit from trading can be off-set by your losses from trading - but capital gains tax is what you pay if you make a profit - and a capital loss is what you get if you make a loss - which can be "stored" until you do make a capital gain.
Anyone just getting into this should talk to their accountant - because Shelby's right - If you make a capital gain and don't have the 48% tax set aside - it will hurt!
Or you can trade in a company name - claim the GST on your brokerage and pay 30%
