A small contribution to the HC team regarding tax. If you are buying and selling shares as trader you can deduct any expense that is directly related and affects the generation of the profits. I am working full-time and started trading recently and I am going to claim my losses against my full-time income. Not only that plus I'm going to claim off internet, subscriptions, broker fees, one room rent, part of electricity as an expense. As long as you can justify that a particular expense has direct relation to generating income you should be able to get a deduction.
In regards to prior year losses as c/f losses the accountant should be able to offset them against your general income by you providing them the evidence that you are doing it as a trader not an investor. Just average out how many trades you are doing per month and what the duration you are holding it for.
Also, one more thing to note is 'you get what you pay for' Keep ATO away hire a good accountant and keep the records clear. I have setup Quickbooks for my trading and Shares as "Stock", broker fees etc... and I have full P&L ready so once 30th June is passed and I have group certificate I am ready for the tax return and I am looking fwd to bring my taxable income down substantially. Hope fully for the next FY its going to the the otherway round
DYOR and consult your accountant pl. I am newbie hia...
Hope all you had a nice weekend... Goodluck for the week ahead...
