Just wanting some opinions based on experience, not necessarily seeking expert tax accountant advice but willing to hear it out if available.
I worked part time for the majority of the fin year with my employment, I also have a side business and have an ABN. I became interested in day trading earlier in the year with some of my spare time and my intention was to try and generate some income from this, and despite all my efforts in research and constantly reading through forums, e-books and following social media types I ended up making a loss. No biggie.
Based on the following info, if anyone who is willing to provide their 2c I'd appreciate it:
Trade period of 68 days, I would say consecutively between Feb - May or thereabouts. Made multiple trades per day, which based on Commsec output was 554 buy and sell trades, so brokerage of $5540 in total.
To convince my accountant and ATO that this was done as a day trading activity with the aim to make a profit, do I need more evidence than simply the Commsec CSV output showing all trades, and ultimately can the cost of brokerage be considered as a tax deduction?
Ultimately I'll take this to my accountant, I'm just not sure how versed he is in this field so am seeing a bit of advice initially from anyone who has some experience. All advice appreciated.
