Hi @SherbRe your post on the Morning Thread today - @ 12.52pm -
about recovery of GST on trades: https://hotcopper.com.au/posts/59580723/single
As a retired accountant I have designed my own Excel Cash Book spreadsheet to record each & every trade thru my broker’s trading account.
For
A) buys
the total outlay per trade – per the Bank col. - is split into 3 DEBIT cols.
1)SP +
2)brokerage excl. GST +
3)GST on the brokerage.
B) sells
the net receipt per trade – per the Bank col. - is also split into 3 cols
1)1 cell for the CREDIT of the combined COST per A1) & A2) above - excluding GST
(by using a formula that links these 2 cells)
2)1 cell for the DEBIT of the GST on the brokerage deducted from the gross proceeds
3)1 cell for the trade’s Profit, a CREDIT
or Loss, a DEBIT
(the content of this cell = an auto calc. of Bank + B2), less B1)
If you can’t fathom all my accounting lingo, then ask your accountant to design a Cash Book spreadsheet for you, if you’ve got the time to compile each transaction.
Having been retired for 15 years now, I’m not familiar with the latest whizz-bang MyBooks or MYOB accounitng software that you might otherwise have to learn how to use, to compile your transactions, if you wanted to save $200?+ / hour, for an accountant’s clerk to do it for you.
At the end of each period – for whenever you compile your BAS – you then tot up the total of the 2 GST cols. – the 1 for the GST paid on your buys - and the other for the GST paid/deducted from the gross proceeds of your sells.
As normally, the amounts you insert on your BAS - of PAYG tax you withhold – at Item W2 - from the gross wage you pay yourself for the period at Item W1 - becomes the amount shown at Item 4 and also included in Item 8A.
The amount you show at Item G11 = the GST total paid for the period - divided by 0.11 times 1.1
The amount you show for that GST total paid, is entered at Item 1B ((= to 10% of the amount at Item G11) & therefore included in Item 8B.
You then deduct Item 8B from Item 8A and pay the ATO the difference, thereby recovering in “cash” the GST you’ve paid for the period to your broker.
Don’t forget you can also include in Item G11 the amounts you’ve paid for share trading expenses such as charting services, online financial advisory services, your mobile phone bill, your ISP’s monthly fee, and any other related share-trading expense. Such amounts are the Gross incl. GST, divided by 1.1.
To compensate me for thevaluable time 
it’s taken to compile this post –you, or anyone else who’ll benefitfrom acting on this post - can buy me a beer or a lunch at Twin Towns next time I tell you I’m visiting Tweed Heads or Tweed City's Shopping Centre, an hour’s drive NE of where I live.
! I can def handle all the lingo (accountant also
