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Capital Gains Tax Reduction Question, page-11

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ChinaGold

786 Posts.

1058

30/12/20

21:22

Post #: 49872446
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Originally posted by ziyou: ↑

If yopu buy and sell regularly then the ATO would likely classify you as a trader and you pay your tax rate (possibly plus the medicare levy 2.5%) on the p[rofit.
I buy shares through a Pty Ltd and classify the compnay as a trader, trhat way I don't have to record every share transaction ju8st satock bought / stock sold and whatever profit is there. tax is now 27.5% wheter sahres are held for 1 day or 2 years.
downside is you have to have/set up a comnpnay and possibly increased accountants fees depending on how bookkeeping literate you are, you can eith claim back the GST on brokers fees or not register for GST and just treat these as an expense.

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Lots of ways to reduce TAX...PTY, super etc.

I'm ok with them as those rules are written down clearly....BEFORE you invest.

As a trader (as per ATO) I have no clue when or IF I'd get a CGT credit.

I'm thinking they use magic 8 ball or dice?
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