- Joined
- 29 June 2021
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Alright guys this might be a long so I appreciate the time taken to read and give replies.
How do I set myself up to truly day trade? I talking about getting an ABN (sole trader) and separate HIN from my personal (I don’t want my ETFs affected by day trading). Then getting the right book keeping – give us some examples? No one really talks about this or just straight up passes it off to “talk to a professional”.
To me it seems pretty coherent in terms of get an ABN for a sole trader off the ATO. Register for a brokerage account under the details of the ABN to get an HIN to separate transactions from your personal investments. Tell me if I am bloody wrong.
The bit that confuses me is getting the correct accounting methods to record your business revenue. FIFO? But what happens if you have a parcel in-between some trades you don’t, doesn’t that **** you up? For example:
01/01 Buy XYZ 100 for $10.00
01/01 Sell XYZ 100 for $10.50
01/01 Buy XYZ 100 for $10.60
02/02 Buy XYZ 100 for $10.30
02/02 Sell XYZ 100 for $10.50
Any advice?
How do I set myself up to truly day trade? I talking about getting an ABN (sole trader) and separate HIN from my personal (I don’t want my ETFs affected by day trading). Then getting the right book keeping – give us some examples? No one really talks about this or just straight up passes it off to “talk to a professional”.
To me it seems pretty coherent in terms of get an ABN for a sole trader off the ATO. Register for a brokerage account under the details of the ABN to get an HIN to separate transactions from your personal investments. Tell me if I am bloody wrong.
The bit that confuses me is getting the correct accounting methods to record your business revenue. FIFO? But what happens if you have a parcel in-between some trades you don’t, doesn’t that **** you up? For example:
01/01 Buy XYZ 100 for $10.00
01/01 Sell XYZ 100 for $10.50
01/01 Buy XYZ 100 for $10.60
02/02 Buy XYZ 100 for $10.30
02/02 Sell XYZ 100 for $10.50
Any advice?