negative net asset position, page-70

if you trade stock, the money you make or lose from it within a year then it considers as an income so you can add that to your normal job income if you have one at the end of FY.

eg if ur job wage is 50k in FY08, you make $50k from trading share, then you will be tax on 100k income.

If a stock is held more than 12mth, then it is consider a capital gain, then it can be use to offset against ur carried forward capital loss, and the rest will base on the CGT of 50% gain, and tax according to your income tax.

eg ur capital gain from the yr is 50k, ur carried forward capital loss is 20k, so ur total capital gain is 30k.

CGT of 30k is 15k. so the 15k will be add to your salary ie 50k, plus any other income ie rent, interest, trading and will be tax accordingly.

that is my understand from my bro in-law accountant. He lives in syd, runs his accountant office and he trades shares short term and long term so that what he told me.

cheers