re: daytrading as a full time job siameseparrott SP
First off it is irrelevant if you are a share trader as a sole trader, partnership, company or trust
The same rules apply and you DO NOT bring to account unrealised profits
you calcultae your gross profit from trading by
Total sales
Less Cost of goods sold
equals Gross profit
Cost of Goods Sold is calculated by taking your total purchase plus open stock less stock on Hand
your stock on hand is calculated by valuing the shares you have on hand at the LOWER of cost or market value at 30 June
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