Australia's largest stock trading and investment forum Australia's #1 stock forum

Appreciate your response. My understanding if for a share trader...

First 4 Last

Share
Profile

Follow
organisation13

507 Posts.

333

07/05/20

02:04

Post #: 44476931
Share

Originally posted by Headhunter: ↑

I am not completely across the Jobkeeper rules (so take my response with a grain of salt), but my understanding is, loosely speaking, that your turnover for GST purposes has to decline by 30% and for the purposes of calculating your turnover, input taxed supplies (which includes the buying and selling of shares) are not included. Therefore, if the sale of shares is excluded from your turnover in the comparison period (e.g. March 2019) then it is quite pssible your GST turnover is nil and your turnover for the current period would also likely be nil, in which case your turnover has not declined. If the day trader had some other form of GST turnover they may possibly be eligible.

In summary: I think the simple answer is no, day traders are not eligible, but It may be worthwhile having a quick chat to your accountant.

Expand

Appreciate your response.

My understanding if for a share trader and registered for GST you can claim a GST credit for 75% of the GST paid on brokerage.The balance of the GST on brokerage and all other GST paid is then claimed as an expense.

Please see below link to ATO website

https://www.ato.gov.au/Business/GST/In-detail/Your-industry/Financial-services-and-insurance/GST-and-financial-supplies/?page=4

I will be reaching out to Accountant to confirm this
Upvote

Reply

There are more pages in this discussion • 3 more messages in this thread...

First 4 Last