I have query which i am still unable to find the answer for though I have tried googling and reading some threads..
I filed my tax return last year with the trading loss of 18000Aud ..It was my first year of trading and had no prior experience so i just filed with whatever my tax agent asked me for.. I came to know that he has filed me as trader and not invester.. he confirmed me that verbally and i dont know if i can confirm it by checking ato website.. I really wanted him to designate me as Invester but all he said that he cant do it and this is something ATO decides on its own.. I am not sure if its true..
This year i just to be sure that i am declared as invester so that in future i can use my capital losses to discount gains.. I am not sure I will ever be able to use the trading loss to get discounts but if its possible for me to treat some of my investment as trade and others as investment then surely I will try to find a way make use of those loses..
So in short I just want to ask if it is in my control to declare my self as trader or invester .. Can i check at ato website what was i declared last year.. and can I hand pick my investments to declare them as trades or investments
