Hi danddonYou really need to talk to your accountant about what...

  1. 20,451 Posts.
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    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

 
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