taxation question re brokerage, page-27

123enen, what you have posted here is the correct view. The tax status of the person (viz. share trader or investor/holder) is basic to the understanding of the tax treatment of his revenue and expenses. Furthermore, there has been some misconception by some posters of the application of the CGT concessation too. Posters who are unsure of how to deal with his particular situation is best to consult an outside tax adviser, as, though the basic application of the tax law remains the same, his particular circumstances (i.e., his trading volumes, frequency, length of holding, etc) are material considerations as to how his share tradings/investment activities can be structured, and such matters are best discussed in private and in confidence. It will be a worthwhile effort.

It is important as well to understand that because the ATO accepts our tax returns as lodged in good faith, that is, self-assessments, it is still important to make sure that one has applied the tax law correctly. You don't want to find yourslef having to pay back taxes as a result of a tax audit, not to mention penalty interests as well.