So basically your friend is being assessed at mark to market. Therefore if he holds a stock that shows profit at end of FY he would incur a tax liability and be required to pay that tax to the ATO even though he has not sold that stock. ? The ATO does not allow one to switch regimes when it suits. Interesting.
Explain to me the situation, page-25
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$7.79 |
Change
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Mkt cap ! $2.955B | |||
| Open | High | Low | Value | Volume |
| $7.63 | $7.82 | $7.59 | $4.727M | 610.5K |
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| No. | Vol. | Price($) |
|---|---|---|
| 15 | 3696 | $7.78 |
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| Price($) | Vol. | No. |
|---|---|---|
| $7.79 | 1969 | 4 |
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