I've been doing my tax returns lately.
I came across something interesting for traders which I hadn't heard of before in all my years of trading.
That you can get 75% back in GST credits of the GST you pay on brokerage. I've been looking into it thoroughly, came across the following as well as other pages on the ATO website.
There is a fair bit to claiming the GST though. Register for ABN->Register for GST -> Complete BAS statements (possibly quarterley). It was something I was thinking of doing but I calculated the GST I would get back and it would only be about $100 per year, not worth the hassle of all the paperwork. I'm planning to claim the GST if my brokerage (and thus GST) becomes a larger sum though.
@Kangagirl Weekend topic suggestion: What do you guys claim as Deductions or Expenses on your tax returns?
