it is a strategy that works for short term holding strategy. but if the plan is to hold long term, depending on the initial entry price, your marginal tax rate, etc.. sometimes the only winner is ATO.
e.g.
cost base initial parcel of 100,000 ASN @ 20 cents $20,000
sell @ 40 cents proceed $40,000
less tax on gain assuming at max tax bracket $9,400
net proceed after tax $30,600
then buying back this morning @ 30.5 cents = $30,500
conclusion: ATO gets $9,400 and you get $100; good for our country
ASN General Discussion, page-3327
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