Weekend Aftermarket Lounge June Long Weekend

Originally posted by investwisely ↑

Hi @grantaxl, in regards to claiming loss against full time job being classed as a 'trader', there are different tests. The one you have mentioned is 'Profit Test" which confirms what you have said and I agree with you.
There is test "Assessable Income Test" for claiming business losses against other income. I researched about it, and got to know that if the turnover of the business is over $20,000.00 threshold for the assessable income test the current year loss and deferred business losses can be deducted from the income.
I will try to get the link for the example and get back to you on this. Just in case I got it wrong. Happy to be corrected and will help me learn too.

I do agree with you that we can't just keeping switching between trader and investor but for the purpose of differentiating it, we could have two different accounts. For example, Account 1 on Commsec for day trading, Account 2 on E*trade for Long Term trading (to get CGT) which would make it easier for claims.

I appreciate your input in regards to this. Also, I do agree with you in regards to believing all information on here. Dear HC Family members, pl dont get me wrong, not stepping on anyone's toe but had few bad experiences making decisions based on few comments but m mature enough not to blame others for my own mistake. As I have said before, I am newbie in this share trading but this is what I'd love to do besides my day job which I love and have had passion for since seeing my dad in the same profession.

HC Forum is more of opinion and expressing own views and it's always DYOR and make decisions on own research.

*In my task notes I've got two things to do by tmw evening :- 1) Make cheatsheet for deductions.
2) Get the link for you.

I might not reply day time, as I am at work but will do it by tmw evening...

Also, I never mean to offend anyone anytime so just incase if I my have put anything on forum please excuse me.
Kind regards to HC Family

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https://www.ato.gov.au/business/non-commercial-losses/eligibility/

Hi IW

I suspect this is the publication you may be talking about? It relates to non-commercial losses.

The income (as defined) ought to be less than $250,00o.

If this is the case then you need to pass at least one of the four tests and one of these is assessable income of $20000. I suspect anyone involved in sharetrading will not have much of a problem with this.

If you fail the income test you can apply for the CoT to exercise his discretion.

Anyway it is all in the publication - well set out.