Once you buy more than one parcel of shares it's up to you how you record the sales. According to my accountant the ATO only applies 'first bought, first sold' rule if you're an investor - ie, don't trade much. If you're a trader - ie if you make your living from trading and do dozens or hundreds of trades each year - tax is calculated on your bottom line, not parcel by parcel.
That's my understanding. Any contrary opinions? Should I get a new accountant?
