re: tax losses and the ato - goblin [intent] Thanks for the...

re: tax losses and the ato - goblin [intent] Thanks for the insightful reply milesg. Perhaps a few more "very solid reasons" that the eternal litigant Albert Haddock may proffer when called upon to provide them may include:

- He trades by certain principles. One of which is to sell losers into falling markets and sell winners into rising markets and, of course, to buy back at lower prices.

- Some sell and re-buys may also be the result of correcting an erroneous sale. For example selling the wrong stock or selling when a buy was intended.

- More simply perhaps, the profit principle. Sell high, buy low. If a stock is falling, selling and buying back lower is in accord with this trading strategy.

I am new to trading but have bought and sold shares over the long term many years back. My recollection of my previous experience has been just to declare the capital gain and pay the tax on that gain. I kept a spreadsheet but as I recall I was not required to give this detail in my tax return. And I was definitely not subsequently asked for further detail of the trades behind my capital gain.

Has anyone had any first hand experience with the tax office on this one?