What is the law in relation to taxation on futures capital gains in Australia?
I understand in the US, unlike with stocks, you do not need to keep track of gains/losses and the net result, as you receive a form of "income statement" towards tax time which states your net result for the financial year.
I also read they have a 60/40 rule, whereby you get 60% of gains taxed like a longer term stock holding and only pay the higher bracket on 40%. For example, 50% tax discount on 60% of futures gains and full capital gains adjusted for your marginal tax rate on 40%?
Is it a similar set-up in Australia? Favouring futures traders in both time spent on compiling this information at tax time and on net results (lower taxation).