end of year sale?, page-12

Talking about tax losses,
I had a bad year. I was talking to my accountant and i wanted to be classified as an investor with my shares and a trader with futures contracts. I lost around 100k on futures contracts and thought I could offset that against my income. In most cases yes but not all. There is a new rule for non commercial losses. If your income is over 250k you cant claim losses against your income. You can only offset it against future gains. This is now going to be a double whamy. Not only did I lose that money but I have a heafty tax bill to go with it. All the year of hard work down the drain. After every storm calm returns. This storm has been going on for longer then I expected. People say to buy when there is panic in the market. I think there is panic now. Is this the time to buy? Who knows..
I believe in the value of Mt Bevan. I will hold this and also accumulate more for the long term. I have made some stupid decisions with my trading this year. It's hard to try and work full time and think you can trade full time as well. This stock will run at some stage just not sure when. Could be weeks or could be years. I dont think I am alone in losing money this year. Hopefully Euroup will sort it's shit out and we can start the next bull cycle. It doesnt help when non holders of stock in any company continually down ramp to create fear. We need some optimism to return to the markets.
Below is a link to the ATO regarding non commercial losses for anyone else in a similar situation. Good luck everyone. I hope the new financial year will treat us a bit better

http://www.ato.gov.au/businesses/content.aspx?doc=/content/13277.htm