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Declaring Share Trading as an activity to my ABN

Newbie

Views 843

Replies 5

Hi

 

I have an ABN for my current sole trading as consultant and currently interested in the sharemarket. I have several questions below.

 

  1. How do i add Share Trading as 1 of the business activity?
  2. Can i claim the GST from the brokerage service?
  3. Can i claim partial facility cost (8/24) for trading in my home office? i.e. electricity, gas & internet

 

Regards

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 2

Hi @Filbert 

 

I am assuming you are operating as a sole trader. If so you then you can lodge your return in myTax or with a Tax Agent. If myTax you will select the business option when personalising the return. It will allow you to claim business related deductions there. For further details See More how-to videos . Look for  How to complete the business section in myTax. We also have online Help functions within myTax for guidance and Live Chat to assist if you are have difficulties completing the electronic return this includes Small Business Assist.

 

Thanks again for your post

MarkATO

 

 

5 REPLIES 5

ATO Community Support

Replies 4

Hi @Filbert,

 

Welcome to the community!

 

If you are interested in the sharemarket, you would first need to determine whether you intend to hold shares as an investment or carry on a business as a share trader. There is information on our website to help you work that out.

 

There are different rules depending on which one applies to you.

 

Hope this helps.

 

Regards

RochL

Newbie

Replies 3

Hi

 

I can clearly determine my status as share trader. I have read the ATO website about this topic, however what i need to know is how to declare this activity against my ABN for me to claim the brokerage fees at the end of FY20 (2 weeks time).

 

At the moment my ABN is registered to provide consultancy service only.

 

And can I also claim the facility running cost against this activity?

 

Regards

 

 

Filbert

Most helpful response

ATO Community Support

Replies 2

Hi @Filbert 

 

I am assuming you are operating as a sole trader. If so you then you can lodge your return in myTax or with a Tax Agent. If myTax you will select the business option when personalising the return. It will allow you to claim business related deductions there. For further details See More how-to videos . Look for  How to complete the business section in myTax. We also have online Help functions within myTax for guidance and Live Chat to assist if you are have difficulties completing the electronic return this includes Small Business Assist.

 

Thanks again for your post

MarkATO

 

 

Newbie

Replies 1

Hi Mark

 

Can i claim partial cost deduction for running a home office for my business activity of share trading?

 

 

ATO Community Support

Replies 0

Hi @Filbert

 

There are three golden rules for what we accept as a valid business deduction:

  1. The expense must have been for your business, not for private use.
  2. If the expense is for a mix of business and private use, you can only claim the portion that is used for your business.
  3. You must have records to prove it.

 

As a share trader costs incurred in buying or selling shares – including the cost of the shares – are an allowable deduction in the year in which they are incurred.

 

Our website has more information about business deductions.

 

Thanks, Ari

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