Guys... don't forget this is turnover... don't laugh to hard or think it is ridiculous.
in my first year of day trading, I turned over 2 mill on a $100,000 account.
Lots and lots of trades... my broker loved me.
A million dollor account could easily generate a billion in turnover in a year.
The secret is getting the money to stick...LOL... my broker made more money than me from my account.
FWIW Yes Mr_Fred, I would suggest you set up a company, and I think, though don't know, that you would have little trouble justifying it to the ATO when you can show them your trading records, should they ask for some justification. The smart thing to do here is follow packers advice as pointed out by Gateman.
As a company you also get the option of claiming GST charged on brokerage, which may be a considerable sum.
Unfortunately I don't know a specific accountant, but a bit of research should set you straight.
