"...reduce capital gains tax and trading costs when buying and selling regularly"
Yes. This can be done by valuing down your closing stock at 30 June
"How would I go about doing both?"
It is best to have two accounts, one for trading and one for investing.
However, if you have held certain shares for a long time and have done some trading, the differences will be self-evident. Just keep it honest. Don't try to bullchit some of your BNB, AFG, ABS and Centro losses as trading stock.
However, to keep them separate means you cannot save tax because you cannot use your long term investments that have fallen in value as marked down closing stock.
You have a greater range of deductions if you are a trader although in the big picture this does not save you much.
For example, if you are making money, what is $5,000 in extra deductions? Nothing really.
"I have a bell direct account for my companies I'm holding long term. If I opened up another account say with comsec or some other on line trader and only use that account for trading - and only trade the investment account occasionally -would this work?"
As I advised you, yes it will work. But as I said, it will do little to save you tax.
