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Day Trader’s Aftermarket Lounge 7 Sep 2020, page-55

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jimmy1979

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23

07/09/20

21:01

Post #: 47155044
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Originally posted by Cthomp: ↑

Hi Jimmy / Others,

I was hoping someone might kindly link through some user friendly information regarding the logistics of setting up a secondary account for short term trading. I would like to dabble, however would also like to keep things seperate from the stocks I intend to hold longer term. Does this more or less just involve creating a second account with a second HIN?? The second thing that has held me back in the past is the tax implications, am I correct in thinking there is a blanket rule that capital gains made on anything bought and then sold within a year is 50%?

Any suggestions would be most appreciated.
Cheers
Chris

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Hi Cthomp
I have an account setup in my own name with Westpac for Daytrading. I also have a STT account setup in my name with another broker (IG). All my longterm holdings are in my super account.

In regards to Capital gains, you get a 50% discount only if you hold more than 12 months. Less than 12 months, you pay tax on the full gain.
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