I have offset my share trading losses against my fulltime day...

I have offset my share trading losses against my fulltime day job hence for FY08 I paid minimal tax.

This can be only done if you trade over a certain threshold of $ and number of trades. The ATO classifies such persons as "TRADERS" not "INVESTORS" hence CGT loss can be directly offset against income tax.

Stocks I plan to hold long term are held in "capital account" hence can be liable for 50% CGT offset once sold.

PS. My accountant is registered CPA