tax advice

Hi guys,

I've been investing/learning the share market for about 7 years now. Up till this year I have not been very successful and have been accumulating a capital loss year over year.

This year I have made quite a bit of $$$. Surprise to surprise... I went to an accountant last week and they mentioned that I could actually be seen as operating a business and I should have been lodging my previous tax returns as ‘deferred’ business losses and as such I can not offset my current year’s profit.

Does anyone have any suggestions?

I understand no one can legally advise me what to do etc….

But I would be interested in any similar situations and proposed solutions.

Some general info.

Traded about 30-50K worth over the last 4 years – this year its worth about 140K.
Average number of trades per year around 80-100.
Have a full time job.

Regards

Zipper