Reporting capital gains for when it is not recorded by CHESS

[waz]

Hi All

Im hoping a few of our day traders have come across this situation, and I have a feeling that while a few have experienced it i'll be told to ask the ATO.

Lets say you buy shares (in my case installment warrants). I bought and sold within 2 trading days. (bought on friday, sold on monday)

This resulted in me not gaining a CHESS statement for that transaction as there was not enough time for it to be recorded.
At the same time, being installment warrants, on my Macquarie Statement, since there is no record of the purchase, I have no idea what my prepaid interest and interest refund is for that transaction.

So can I do the following:
Not report an interest deduction on the installment warrant, and not report the capital gain.
or
Not report the interest deduction and report the capital gain.

How do all of you treat transactions for which there are no official statements ?

I have this situation occurring a few times, while im happy to report the gain if required, what happens to all my interest deductions? Are they forgone?

Fell free to add any further discussion in regards to installment warrants in this thread.

 

[waz]

hmm.. 58 views, yet not one reply.

Is there no one in australia who has bought and sold shares and not recieved a CHESS holding statement for the transaction?

What do all our day traders do?

 

[nioka]

hmm.. 58 views, yet not one reply.

Is there no one in australia who has bought and sold shares and not recieved a CHESS holding statement for the transaction?

What do all our day traders do?

Tax calculations should be calculated from your trading accounts. Chess statements are not statements of financial transactions.

 

[waz]

Hmm, thats true that you can use your own records for capital gains, thats easy to work out. But what about the amount of interest you have used up on an installment warrant you have only held for 3 days?
Wouldn't the ATO like to see some official documentation in regards to your interest deductions.