I along with a lot of others have been trying to get clarification on our tax liabilities when you are a TRADER as opposed to an INVESTOR.
Well; I contacted the ATO and they had to get an expert to contact me to give me the answer.
So for those that are interested here it is;
My Question was; As a TRADER are we entitled to the 50% CGT Discount on shares that are held for more than 12 months?
Their Answer; NO, because as a TRADER you are conducting a business and therefore there is no Capital Gain it is deemed to be EARNINGS and earnings are taxed at your marginal tax rate!
He was very clear and to backup his answer he also asked his colleagues and I could hear all of them say no also!
