Could anyone shed some light on this comment from the Australian....
"Borrowed shares can be used to take long or short positions - betting shares will rise or fall - or to manipulate voting at companies' annual meetings. The transactions are exempt from capital gains tax. Other countries allow stock lending but do not have the same tax exemptions available in Australia."
How is this exempt from tax? If you make a profit regardless of short or long, you pay tax. If this is not correct then the tax man owes me some back :)
fraught friday, page-90
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