Tax deductions and trading

tom82 said:

I would like information on tax consequences / deductibility of establishing / setting up an office for the purpose of trading (whether it is share, forex or CFD trading), I understand that expenses that can be claimed for are subscriptions, courses, professional fees and costs associated with running of that office, but what about the setting up of the office eg furniture?

How many trades per month would the ATO consider a person taking to be called a trader and be considered as a business venture?

Thank you and look forward to your reply

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VSntchr said:

This page should help a bit:

http://www.taxpayer.com.au/KnowledgeBase/10029/Individuals-Tax-Super/Working_from_home_deductions

and perhaps this:
https://www.ato.gov.au/Business/Deductions-for-business/Home-office-expenses/

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tom82 said:

So you are saying or suggesting that share traders might be able to claim the same / similar expenses from working from home as for other professions that might also work from an office in their home?

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Wysiwyg said:

I claim a percentage of floor space as my office. Since this is my PPOR, when I sell house in the future that percentage of floor space is liable to CGT.

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tom82 said:

My understanding is you can claim the floorspace (occupancy expenses) if that space is used exclusively for work purposes.

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Don't you mean that floor space will not be liable for CGT?

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Wysiwyg said:

Yes that is correct.
No, I am absolutely positive that the floor space claimed for carrying on a business in your PPOR is liable for CGT when the PPOR is sold.

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