"Acturtle, someone on this forum mentioned running two books....

"Acturtle, someone on this forum mentioned running two books. One as a trader the other as an investor. At years end they ‘sell’ across the books. Would this be OK by the tax dept. "

Up

It is possible to be both a trader and an investor however this has to be structured properly to avoid be disregarded by the ATO.

As for sell across books as you termed it. NO THIS WOULD NOT BY OK withthe ATO.

On the trading account you would not do it anyway becasue all shares on hand are valued at the lower of purchase price or cost. To do this with shares held on capital account to realise a loss would be viewed by the ATO as a transaction that the sole or dominate purpose of was to achieve a tax advantage and therefore the realised loss would be disallowed.

BEST ADVISE

SEE AN ACCOUNTANT WHO IS EXPERIENCED IN SHARE TRADING (not all are) AND PAY FOR SOME PROPER ADVICE THAT SUITS YOU