tax, page-2

Hi danddon

You really need to talk to your accountant about what tax you need to pay & how it works as alot of what you have posted is very wrong.

If you are day-trading then you wont be entitled to the CGT discount for holdiong shares for 1year+, you will be classed as a Professional Trader ask your accountant about that.

Below is the tax rates for 2011:

Tax Rates 2010-2011

Taxable Income

Tax on this income:

$0 - $6,000
Nil

$6,001 - $37,000
15c for each $1 over $6,000

$37,001 - $80,000
$4,650 plus 30c for each $1 over $37,000

$80,001 - $180,000
$17,550 plus 37c for each $1 over $80,000

Over $180,000
$54,550 plus 45c for each $1 over $180,000