Claiming brokerage costs as a share trader

[sphar1970]

Hi All,

From what I understand, brokerage is part of the cost base when calculating capital gains tax for end of financial year tax reporting purposes.

However if I am carrying on a business of share trading, is the brokerage deductible as a business expense?

Or is it simply part of the cost base and therefore not claimable regardless of if you are a share investor or share trader?

http://www.ato.gov.au/businesses/content.aspx?doc=/content/21749.htm&page=1#H1)

Thanks in advance.

Steve

 

[Wysiwyg]

Some allowable deductions are brokerage & internet expenses if trading on-line & trading related literature.

 

[Bigukraine]

you can also claim km for obtaining info eg going to the library,reaserch, possible travel expences eg ; inspecting a mine or asset of the company (would have to have a reasonable share holding ) all in my opinion and consult your accountant......
eg; you can claim km's for inspection of a rental property etc etc and this is not fin advice and dyor....