The ATO has issued warning towards people reclassifying their capital losses on shares disposal to revenue losses in order to offset their assessable income.
We should all take extra cares in determining the nature of the share activities we undertake when preparing 2008 & 2009 year tax returns. as the audit activity in this area will increase, the ATO has already anticipiated that alot of tax payers will be tempted to classify their loss as revenue losses, as the slow economy has wiped billions off the value of the australian securities over the last 18 months.
People who are treating themselves as investors in the past year and reclassified themselves as share traders without any real changes in the way they buy & sell shares are at high risk of being audited. any promoters of such scheme are at risk too.
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investment loss can only be used to offset capital gain!!!
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except u run a business of trading shares...
The benchmark will be 20+transactions per year....
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i think it is about capital loss rather than investment loss?
for investment, it means if you held your shares
* as trading stock
* as part of carrying on a business, or
* to make a ‘one-off’ or short-term commercial gain.
the following should apply:
* you can claim allowable deductions for your investment expenses
* your total net investment loss will not include your capital gains or losses.
but, form 2009,your total net investment loss will be used to work out whether you meet the income tests for the following tax and transfer programs:
* Medicare levy surcharge
* Higher Education Loan Programme and Student Financial Supplement Scheme debts
* Dependency tax offsets
* Senior Australians tax offset.
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