Just wondering if i can get some clarification from the more knowledgable and long term traders out there. I have been trading for over 3yrs now and decided in december 08 to change my position from investor to trader and so increased activity a lot For previous years i have treated the profit/loss as a capital gain/loss due to the minor buying and selling and the small amounts. So for example i may have traded 70 times last tax year and this tax year 140+ but the size of the share parcels went from average 5000 shares to 50000. some questions
I now want to submit my income/loss from trading as a taxable income do i qualify?.
What records should i be keeping - i am using comsec and after reading through the AToO website i am not sure if this is enough.
with this activity am i treated as a small buisness for tax purposes.
Should i be lodging a bas statement.
i already have a ABN from a previous contract job can i use this
i have already been to a accountant re this tax issue and he sat on the fence saying it looks like i qualify buy he wouldnt do the tax return because it could mean the tax office asking him too many questions - i suspect he was refering to the alert the tax office put out in 21 may
