Tax Implications - Trader Vs Investor, page-4

  1. 2,052 Posts.
    lightbulb Created with Sketch. 15
    Why bother using an accountant. Keeping track of your trades, separating into long holds for the CGT discount as an Investor and short holds as a Trader is very easy. Similarly, preparing and submitting your tax return is very easy. Imo it is a waste of time asking an accountant for an opoinion as they will take the very conservative ultra safe route. For example, your accountant's opinion that you need a massive portfolio to be classified as a Trader is bs. Better to read the tax rules yourself, which is easy, establish your own interpretation, document your intention, and move on. Similarly, no need to ask the ATO for a private ruling for a bread and butter question like this, the answers are readily available.
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.