I do around 1 billion dollars in transactions just on shares alone a year(my derivative trades are in addition). I pay massive amount of brokerage of course which has a GST component. I currently am a sole trader but am looking to setup a company. Here are my questions:
1) My accountant advised me against this, as the ATO "frowns on" setting up company to minimuse tax. Do you high end traders still do this? What is the best structure(am so tired of my accountant)
2) Can someone confirm that I can claim my GST tax credits back (if I setup a company)
Damm hope number 2 is a yes, as even if I were to make no profits on my trades the GST payback would go along way towards a salary in itself
