Share trading

[thesuperman]

When share trading, what details do you need to give to the accountant at the EOFY? Do you just give the end of financial year summary that an online brokerage account provides, eg. from Westpac/OpenMarkets, etc.?

How do you manage to make sure that you are classified as a "trader"? Any special requirements?

 

[Paul@PFI]

The tax adviser needs the trading reports. They would advise if you are a trader on revenue account or dealing with CGT issues. It is not about the number of trades.

 

[thesuperman]

The tax adviser needs the trading reports. They would advise if you are a trader on revenue account or dealing with CGT issues. It is not about the number of trades.

What is the "trading reports"? Do you mean all the buy & sell of each share?

Also what about if this is your 1st year of trading & have made a loss instead of a profit?

 

[Paul@PFI]

It depends on the trading activity and nature of if its revenue account or CGT. Either way it wont reduce taxable income