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International Investing / Australia (All-Ordinaries)


Subject:  Re: Tax question (please help) Date:  4/28/2000  11:17 PM
Author:  Barcoo Number:  1389 of 6186

Thanks for your answer, already knew 95% of that but you made me aware of the relevant point.
"You have to hold assets for a term longer than 12 months to be a capital
asset. If you trade in any asset within a 12 month period it is deemed
assessable income - not capital gains."

Assessable income vs capital gains. Where I was going wrong was thinking of it all as capital gains.
This brings up a different question on exactly the same circumstances.
Assets held less than 12 months - sold at a loss.
Is this a capital loss or negative income?Can I use this to reduce my taxable income.If not why not? I know the Tax Office think they are a law unto themselves but can they have it both ways?
Am I clutching at straws?
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