Have been trading a few years now and am starting to see some income coming in but the way I'm trading it seems extremely impractical to be using the CGT method.
Accountant seemed to think I could only classify as a trader if i was using large amount of capital and holding a massive portfolio.
After a bit of reading it seems like its more the way you trade and whether you can prove it is "Business like". I don't think I will have a problem convincing the ATO I am trading like a business (I am self employed anyway and spend alot of time reading charts, watching markets and there is an actual method to my trading etc). I'm making pretty frequent short term trades and even my long holds are actively traded in small parcels.
So apart from only using small amounts of capital and holding a small portfolio, I do think i tick most of the boxes.
Just wondering if anyone has any advice on how to approach the ATO about it? If at all? Do i need them to give me the nod of approval or can i just tell the accountant how i want to do it and if the ATO query it i'll deal with it then?
Little confused about the situation, I think i need a new accountant haha
