Tax deduction of CFD losses

[petehe]

I have been trading with CFD for 2 months and lost 4k last financial year.
I have full time job and so I am not a trader.
Could anyone tell me if I can claim the CFD loss as deduction to offset my taxable income?
If I can which category should I claim it under

Much appreciated.

 

[McLovin]

I have been trading with CFD for 2 months and lost 4k last financial year.
I have full time job and so I am not a trader.
Could anyone tell me if I can claim the CFD loss as deduction to offset my taxable income?
If I can which category should I claim it under

Much appreciated.

Nup.

You made a capital loss so can only use that loss to offset capital gains. Unless you are a professional trader your capital gains and losses are not considered ordinary income that can offset other ordinary income like salary.

 

[petehe]

Nup.

You made a capital loss so can only use that loss to offset capital gains. Unless you are a professional trader your capital gains and losses are not considered ordinary income that can offset other ordinary income like salary.

Thanks McLovin

 

[chrislp]

You may want to look into this further with the ATO or your accountant as you may be able to do what you originally asked.

You can be classed as a trader by the ATO depending on your activities. You don't have to be doing it full time or for it to be your only income.

A quick search & I came across this on the ASX website.