@Trees, I am fortunate enough to be but a small cog in a big wheel so what I do is small fry in the scheme of things. The thought there was let me do what I do for a year and see what the accountants say at the end of it and arrange things accordingly. I will do what I'm told, would kind of like to have an idea of what I'm going to be told haha.
1. As in buys and sells? Depends. I can make 3-4 buys and sells in a day, or none. For an idea, I have spent $4000 on broker fees so far this year. 2. Not at all. Make a buck in my spare time. 3. I would have thought that the fact I only own the shares for a few hours or days at most would show that I am only after the profit, but I can see the sense of your question there, but no, I don't daytrade focusing on scoring the dividend (though my LT parcels all pay and I did buy them with that in mind). 4. Yes. I do all of these things as part of my day job, and also as a part of keeping the home fires burning. I'm well aware of the costs involved. 5. Yes, I will be well over and into the next bracket.
I have used sharesight for a couple of years now just to help the accountant with his side of things, and I like that it's all done for me. I don't keep spreadsheets or super detailed notes as most here do... bit naughty like that. I just keep a round figure in my head and have mentally applied 35% to the taxman on each trades profit. Maybe should've been a bit more. From the sounds of things I should be setting up my ABN and operating that way. Will discuss with the accountants in a month or so, so if they recommend I can be set up in time for next FY.
I kind of like the idea of operating a separate account for my daytrades and leaving my LT portfolio to it. (though I know I could do that now, I just prefer to stick with the platform that I am used to) Would make it much cleaner in my brain at least.
