ausdrill result very close, page-11

Mr Wallace
I have been to hell-and-back with the ATO. i was reguarly given wrong advice by ATO 'experts' and in the end wrote to the assitant commissioner for a ruling. It is pages long and don't hold me liable but i have submitted stuff over past 2 tax years.... which has gone through based on the following.
1) All my short trades, CFD trades, futures trades are listed in a simple P&L statement and i pay tax on these as income. i.e. taxed as if i earned a salary and nothing here is eligible to be treated as CGT.
2) I have established 2 separate share portfolios. One is where i buy the share with the intention of selling it when a suitable SP is hit. It may occur one day after purchase or 18 months after purchase. All these trades are NOT eligible for CGT and are treated exactly same as in 1) above.
3) My remaining share portfolio is where my 'intention at time of purchase is the buy&hold share as a investment.' i.e. minimum of 12 months...despite flucuations in SP. Profits/losses on this portfolio are assessed as Capital Gains or Capital Losses.
4) Dividends. One must declare all divs irrespective if accrued on trading or investment portfolios. remember the 45 day rule re being able to claim franking credit (dividend imputation) if total divs exceed $5,000 in any one financial year.
hope this helps.
MikeM.
Anbother tip is keep a diary. I buy a big dairy with a single page for each day. I make my notes re all my thoughts/strategies/plans/events regarding the mkt in this. This serves to indicate i am a trader and can claim many expenses against my profits. These include: travel to stkmkt workshops/seminars, office expenses, bank fees, subscriptions to investmant info etc.
Note: the ATO give an example of what constitutes a trader. from memory the person in example bought and sold shares about 40x per year.