Tax return 2012 for share trader

[qldfrog]

Dear all,
I am having nightmare filling e-tax this year for the first time, for the income/loss related to "share trading as a business"
(I pass the criteria hundreds of buys/sells, trading system in place, managed daily, etc)

Last year I entered the values under I24-V other incomes but I wonder if I have to enter the figures in 15 instead
Anyone facing the same issue?
What are you guys using for this income

 

[auvit]

Dear all,
I am having nightmare filling e-tax this year for the first time, for the income/loss related to "share trading as a business"
(I pass the criteria hundreds of buys/sells, trading system in place, managed daily, etc)

Last year I entered the values under I24-V other incomes but I wonder if I have to enter the figures in 15 instead
Anyone facing the same issue?
What are you guys using for this income

Hi qldfrog,
How did you end up filling it in e-tax? I am having difficulties reporting income and expenses from my share trading activity. Would you be able to advise please?

 

[qldfrog]

Hi qldfrog,
How did you end up filling it in e-tax? I am having difficulties reporting income and expenses from my share trading activity. Would you be able to advise please?

it will obviously not be an advice...but when I get to it [within weeks as I am in the preparation phase] I will post what I did last year for registering gain/loss in etax and what I intent to do
I wish someone more informed could add input there.
I try to do in good faith and with whatever info I can gather but it is getting harder and harder every year which is the sign of a sick country!!!!

 

[Trembling Hand]

If you are trading it all goes in section 15 of the supplement section.

 

[metfast]

Go to an accountant

 

[grah33]

somewhat of a dummy question here...

but for doing my tax return next year, so i'm better prepared , for a trader (not investor), is this enough to keep track of:

realized profits
brokerage for each transaction (ultimately they want the profit - brokerage, that is key money to report?)

is that it? anything else needed, maybe for business deductions like broker data fees, broker software fees, other broker fees ? i don't know

 

[Gringotts Bank]

somewhat of a dummy question here...

but for doing my tax return next year, so i'm better prepared , for a trader (not investor), is this enough to keep track of:

realized profits
brokerage for each transaction (ultimately they want the profit - brokerage, that is key money to report?)

is that it? anything else needed, maybe for business deductions like broker data fees, broker software fees, other broker fees ? i don't know

all that, plus home office expenses, trading-related purchases like books, seminars, hardware, internet, trip to Cayman Islands to inspect bank vaults, etc. Easier just to go to accountant.

Your broker should give you a summary of transactions.

 

[pixel]

somewhat of a dummy question here...

but for doing my tax return next year, so i'm better prepared , for a trader (not investor), is this enough to keep track of:

realized profits
brokerage for each transaction (ultimately they want the profit - brokerage, that is key money to report?)

is that it? anything else needed, maybe for business deductions like broker data fees, broker software fees, other broker fees ? i don't know

If you get yourself classified as a Trader, you could get even more deductions, including 75% of GST in brokerage ( claimable quarterly via BAS).
I totally agree with GB: Get a good accountant to set you up and explain the lie of the land; get a good understanding, and in a year or two you can DIY.

 

[grah33]

thanks for the advice everyone. i should be okay.