hi Sorry i am late to this discussion. It seems to me that being classified as a business of share trading has a few hurdles to be passed.
Does it matter that it seems that i would qualify for this classfication but remained as a investor status and payed my tax on capital gains?? is there anything wrong with remaining in that group, even though one could make a case for the business...
I can see the benefits of being able to claim losses immediately and brokerage in the same year, but i trade intraday so the brokerage is offsetting any capital gain or loss anyway...and i get the immediate effect of losses being netted with gains. (except for those that cross over 1 july...). Also i have no other income, not on the dole, to claim the losses against.
So does anyone see a negative, ie the tax office would frown on, remaining an investor? if one can qualify for the business category, but because of extra burden of proof its not worht my time. Again my reasoning is that i get the benefit of immediate loss netting and claiming brokerage as i dont hold very long.
