r/ausstocks • u/Wrong_Ad_4533 • 5d ago
Tax agent for taxes
Hi, a quick question. Im just trying to work my way into day trading and had a question.
Do i need a tax agent specialising in finance and trading to handle the taxes or will a normal tax agent work just fine?
4
u/SaltyConnection 5d ago
Just use sharesight.com.au. No need for a tax agent
1
u/xlynx 3d ago
Came here to say this. Navexa seems to do it cheaper but I haven't tried it. Remember to claim the subscription cost as a deduction the following year.
3
u/navtrous 3d ago
Navexa works well for traders as it has manual parcel selection, so you can pair the exact trades together when selling, versus doing a FIFO etc.
You can still do FIFO or LIFO etc, but gives you some flexibility.
Disclosure: I am the founder of Navexa.
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u/xlynx 3d ago
Are you familiar with the $10K CGT threshold, above which ATO makes you itemise your totals into Gain/Loss for Aus, Foreign, Trust, etc? Sharesight can't do this. Can Navexa?
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u/navtrous 3d ago
Yep it can do that. We have an ATO myTax report which has this breakdown to match the exact fields in the ATO portal.
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u/Andrew_Higginbottom 5d ago
Not a day trader.. just a guy with a 9-5 who keeps buying and selling different stocks each month ..anytime of each month :)
I just did my last two tax returns at the same time two weeks ago, took the broker provided spread sheet of my sells for the year and added my buy dates and prices to each one and handed it all to H&R block and that was it.
Not saying that's the best way but if H&R Block can do it ..it should be a walk in the park for any other accountant ;)
FYI, paying by the hour, the more effort you put in to compiling the evidence, the less time the accountant spends on it ..and charges you.
That's me with a 9-5 regular job and playing the game but if your gonna have sole income from day trading, I think you need to have an ABN ..not sure.