I have an offset investment account (OI) and an ETrade account (ET). The money I have in the OI is strictly for buying/selling shares and the ET is empty. To execute trades I have to use the ET, ANZ doesn't give any other options so you have to use an ET account to trade.
So, here is what I am thinking of doing…
Transfer money in and out of the OI and ET for every trade, leaving only the profits in ET (optimistic outlook!) to build up over time. And when I want “spending” money I go into ET for it.
1. Will the activities in OI be 100% tax deductible - because the money transferred in and out is always for investing?
2. Is this the cleanest way of using the 2 accounts to make tax time less complicated?
Thanks!
So, here is what I am thinking of doing…
Transfer money in and out of the OI and ET for every trade, leaving only the profits in ET (optimistic outlook!) to build up over time. And when I want “spending” money I go into ET for it.
1. Will the activities in OI be 100% tax deductible - because the money transferred in and out is always for investing?
2. Is this the cleanest way of using the 2 accounts to make tax time less complicated?
Thanks!
