# Claiming share gains and losses through eTax 2008



## anth (11 July 2008)

Hi Guys,

I'm not exactly sure where you fill out the details for income through share trading in ETAX2008. Can anyone assist?


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## son of baglimit (12 July 2008)

this is a question needing questions.

are you in business as a share trader ? or is it just investing ?

is your income from dividends, or capital gains ?

do you have losses as well as gains ?

do you have losses from past years ?


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## stock168 (19 October 2008)

I have the same question too, how to claim share gains and losses?

I started trading in last Sept, had about 130 BUY and 100 SELL, is that regarded as trading or investing? My total loss is over $13k, no dividends. 

I'd appreciate to have your advice please, as OCT is ending...


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## surfingman (19 October 2008)

Download the tax pack and supplement it will answer all questions.

You could do a search on Capital Gains Tax once the document is open, but you have to answer son of baglimits questions if you want to get the best for yourself.

http://www.ato.gov.au/individuals/c...m&pc=001/002/015&mnu=910&mfp=001/002&st=&cy=1


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## Wysiwyg (19 October 2008)

stock168 said:


> I have the same question too, how to claim share gains and losses?
> 
> I started trading in last Sept, had about 130 BUY and 100 SELL, is that regarded as trading or investing? My total loss is over $13k, no dividends.
> 
> I'd appreciate to have your advice please, as OCT is ending...




I can say this and that is frequency of buying and selling is a deciding factor in being considered a trader by the taxation department.If considered a sole trader (carrying on a business) then capital losses can reduce assessable income.


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## surfingman (19 October 2008)

Wysiwyg said:


> I can say this and that is frequency of buying and selling is a deciding factor in being considered a trader by the taxation department.If considered a sole trader (carrying on a business) then capital losses can reduce assessable income.




Only if you can satisfy the tests, I would say this would have to be a deferred loss which can be carried for to offset future gains if claimed as a sole trader.

Test must pass at least one of the following:

1/ Have 20,000 of assesable income
2/have produced profit 3 of the 5 past years
3/ Other assets such as Trading Stock would be at least $100,000 on a continual basis.

The easiest way would be put it under:
18 Capital Gains

But for the sake of $100 go see an accountant will be a big help.


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## stock168 (19 October 2008)

Thanks a lot, guys! You are the champs!

The only bad thing is an accountant quoted me $150 for the work...


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## Wysiwyg (19 October 2008)

stock168 said:


> Thanks a lot, guys! You are the champs!
> 
> The only bad thing is an accountant quoted me $150 for the work...




I pay $300 to a tax agent and do the book-keeping myself with a portfolio managing software program.Keeping transaction records tidy and professional-like is also good for "carrying on a business".


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## Julia (19 October 2008)

stock168 said:


> Thanks a lot, guys! You are the champs!
> 
> The only bad thing is an accountant quoted me $150 for the work...



You can probably save yourself any such fee by putting the questions you have to the ATO per phone.  They are immensely helpful.


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## stock168 (19 October 2008)

Julia said:


> You can probably save yourself any such fee by putting the questions you have to the ATO per phone.  They are immensely helpful.




Yep, that is a good idea, especially when money means so much to me now...


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## stock168 (20 October 2008)

I have a look at e-tax, can't find out where to put share gain and loss as a trader, anyone has hints?

In income section, the relative topics are: 14-Personal Service Income, 15 - Net income or loss from business, 16 - Deferred non-commercial business loss (based on 14 or 15), then 18-Capital Gains.

I tried 15, was then asked to select a business type and name, address, etc, does not look like what I have to choose? Then 18, it seems to take my gain and loss as CG/CL, not as a trader... Hmmmm..


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## Wysiwyg (20 October 2008)

stock168 said:


> I have a look at e-tax, can't find out where to put share gain and loss as a trader, anyone has hints?
> 
> In income section, the relative topics are: 14-Personal Service Income, 15 - Net income or loss from business, 16 - Deferred non-commercial business loss (based on 14 or 15), then 18-Capital Gains.
> 
> I tried 15, was then asked to select a business type and name, address, etc, does not look like what I have to choose? Then 18, it seems to take my gain and loss as CG/CL, not as a trader... Hmmmm..






I had a go at completing an e-tax form this year but I did not know what went where.My tax agent used the 

P8 ... Business income and expenses  (non-primary production and total columns)


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## Julia (20 October 2008)

stock168 said:


> I have a look at e-tax, can't find out where to put share gain and loss as a trader, anyone has hints?
> 
> In income section, the relative topics are: 14-Personal Service Income, 15 - Net income or loss from business, 16 - Deferred non-commercial business loss (based on 14 or 15), then 18-Capital Gains.
> 
> I tried 15, was then asked to select a business type and name, address, etc, does not look like what I have to choose? Then 18, it seems to take my gain and loss as CG/CL, not as a trader... Hmmmm..




Last night you were going to phone the ATO.  Today you're asking the forum instead.   One two minute phone call would have saved all the stuffing about you appear to be enjoying.


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## stock168 (21 October 2008)

Julia said:


> Last night you were going to phone the ATO.  Today you're asking the forum instead.   One two minute phone call would have saved all the stuffing about you appear to be enjoying.




Just thought I shall play around with the e-tax, so I have a better idea before asking questions.


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## robert toms (22 October 2008)

There is a tax-pack supplement,which has all about claiming gains and losses and will tell you  where to record your losses...in your case losses to carry forward.  "Tax Pack 2008 supplement"
Pick up at most suppliers of tax forms...newsagents etc
But get the complete picture,as has been advised,from the ATO.


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