My understanding (advice reveived during my last tax return) is that so long as I am treating the parcels differently and evidence it (i.e. spreadsheets) then it won’t be an issue and I can nominate the parcel that was traded, so it’s not FIFO, it’s last in first out.
The bigger challange I think will be confirming with the ATO that I should be eligible for both trader and investment classification if I can prove they are different businesss... which is the part i’m not overlly optimistic about but I have a plan to move my trading activities elsewhere soon and that way FY19s return I can say the entire year was investing only so therefore don’t classify me as a trader, and if I sell in that FY then I should easily be CGT eligible.
I’m not a tax accountant or financial advisor so a lot of this is just from google and bouncing it off my accountant who seemed to think I was on the right track, but he could be wrong who knows? I need to set up a better structure before next FY that’s all I know
4CE Price at posting:
8.2¢ Sentiment: None Disclosure: Held
I need to set up a better structure before next FY that’s all I know