A Share trader is regarded by the ATO as conducting a share trading business when it comes to reporting your tax, based on factors around how you and how often you invest. An investor is looking long term and will not frequently undertake a systematic approach. Tax law regards Share trading is assessed as income on a Revenue Account, and no Capital Gains Discount can be claimed. Share traders and tax However good news for share traders is, share losses are allowed as a tax deduction un S8-1 of the ITA997. A share trader can recognize unrealized losses and gains [...] READ MORE

You must only claim motor vehicle expenses relating to work travel and we recommend a logbook will substantiate your claim. To substantiate car expenses the ATO requires that you keep a car logbook or use the 20% statutory method. The car logbook is used to justify your motor vehicle claim. Types of expenses Common types of motor vehicle expenses you can claim include: fuel repairs and servicing interest on HP, lease payments, insurances or  VIC roads registration and depreciation of your vehicle Per ATO here is what you must do for the operating or logbook method Logbook method You can [...] READ MORE

The implications of your home business and cgt needs to be considered if your home is regarded as a place of business. Typically many small businesses operate their business out of the home. Especially since the onset of covid. Occupancy expenses you can claim In this case, then you are entitled to claim home occupancy expenses if you are running a business. If you use some or all of your business from your home, you may be able to claim tax deductions for home-based business expenses in the following categories: occupancy expenses (such as mortgage interest or rent, council rates, [...] READ MORE