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Claiming Cfd loss as on offset against income

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I'm new

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Hi,
If I traded CFDs as a business, and made a net loss of $54k, can I claim as an offset against my income?
If my profit from CFD trades closed (excluding losses from trades closed) was above the $20k minimum for the income test, can I offset against income?
Thanks
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ATO Certified

Devotee

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Hi @Hd3911! We've answered similar posts CFD trading and Re: CFD Trading that should help answer your questions.

 

If you'd like more detailed information that covers your personal circumstances, we'd encourage your to contact our early engagement team. Early engagement can talk to you about your situation and explain how we think tax law would apply. You can request a follow up email or call back using our online form, and someone will be in touch within 3 business days.

 

Thanks!

1 REPLY 1
Highlighted

Best answer

ATO Certified

Devotee

Replies 0

Hi @Hd3911! We've answered similar posts CFD trading and Re: CFD Trading that should help answer your questions.

 

If you'd like more detailed information that covers your personal circumstances, we'd encourage your to contact our early engagement team. Early engagement can talk to you about your situation and explain how we think tax law would apply. You can request a follow up email or call back using our online form, and someone will be in touch within 3 business days.

 

Thanks!