Again, it comes back to the issue of "investor" vs "trader" status.
If you are simply an "investor", then capital losses can only be c/f against future capital gains. That is you cannot claim an offset against other income.
A "trader" regards a capital loss as being part of his normal income/expenditure for carrying on a business, and can offset a capital loss against all other income. Note that a "trader" cannot claim the 50% CGT reduction for an asset held longer than 12 months.
The criteria to become classified as a "trader" is somewhat vague, but generally (I would suggest) that you need to make an application to the ATO to claim this status. The ATO would take into consideration your volume of trades, etc. to determine whether or not one is actually carrying out a business activity of trading.
To apply for such trader status to suit ones immediate needs, and then change back to investor status, probably wouldn't get past first base.
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