1. no application form. but you should register an ABN so you...

1. no application form. but you should register an ABN so you can claim 75% of your GST on your brokerage (only GST allowed)

2. as an individual, in your tax return, you complete the business schedule, found in the 'business & professional items' (which is an addition section to the Tax Return and Supplementary Section)

3. your shares in both names belong jointly to both of you. you cannot split the income or choose shares to provide a tax advantage

4. it follows the shares will be trading stock in a business that will be a partnership. you would register the business as a partnership and lodge a partnership return at the end of the year. the individual partnership distribution is simply shown at one label in your tax return. no need to complete the business schedule i mentioned at 2.

5. if you are carrying on a business, you do not report CGT. in a business, your shares are trading stock. your shares are not CGT assets.

6. but if you have some prior year CGT losses, they simply carry over