day trading and tax

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Prash

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01/08/22

08:08

Post #: 62844084
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Originally posted by Veritas2000: ↑

Some overlapping themes in your post so will attempt to provide some clarity.

I would suggest that is one was day trading they would automatically be recording each buy and sell daily...this way one has an accurate account of their financial position as well as knowing the profit or loss per trade. It is imperative, IMO, that a day trader knows their financial position.Personally, i would record my traders at the end of each day as well as keeping an accumulative financial position year to date (to know my YTD position) on an excel spreadsheet which was then forwarded to our accountant. Remember that you should also take into account the buy and sell costs incurred.

Happy to send you the excel spreadsheets if interested.

Regarding the treatment of tax losses the ATO portal is a great source of pertinent information.

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Hi Veritas2000 yes I have started keeping track of my trades now but how can you send me the spreadsheet cause l believe in hot copper you can't post your personal email as I did last time and my post was moderated. Thanks

Originally posted by Veritas2000: ↑

Some overlapping themes in your post so will attempt to provide some clarity.

I would suggest that is one was day trading they would automatically be recording each buy and sell daily...this way one has an accurate account of their financial position as well as knowing the profit or loss per trade. It is imperative, IMO, that a day trader knows their financial position.Personally, i would record my traders at the end of each day as well as keeping an accumulative financial position year to date (to know my YTD position) on an excel spreadsheet which was then forwarded to our accountant. Remember that you should also take into account the buy and sell costs incurred.

Happy to send you the excel spreadsheets if interested.

Regarding the treatment of tax losses the ATO portal is a great source of pertinent information.

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