hi
i know this isnt an IMI question but was wondering if anyone can help,there is no shortage of opinions on IMIs forum!!
share trader vs share investor?
Has anyone else had this dilema when doing the old tax return?
My accountant says I am a trader by nature of the frequency and short holding times of my share trading and as such am not entitled to the 50% CGT discount on shares held longer than a year.
I have tried to discern the difference between share investing (does get the 50% discount) and trading (doesn't)on the ATO website but it is hardly clear- cant you 'invest' in some shares and trade in others? isnt that the whole point of rewarding those that hold longer than 12months?
Anyone got an opinion short of 'get another accountant'?
what capital gains re:IMI i hear you scoff!!!
thanks
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