re: daytrading as a full time job siameseparrott SPFirst off it...

re: daytrading as a full time job siameseparrott SP

First off it is irrelevant if you are a share trader as a sole trader, partnership, company or trust

The same rules apply and you DO NOT bring to account unrealised profits

you calcultae your gross profit from trading by

Total sales

Less Cost of goods sold

equals Gross profit

Cost of Goods Sold is calculated by taking your total purchase plus open stock less stock on Hand

your stock on hand is calculated by valuing the shares you have on hand at the LOWER of cost or market value at 30 June