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Author Message  ohkoolnutz Member Username: ohkoolnutz Post Number: 808 Registered: 10-2005 Rating: N/A Votes: 0 Friday, May 29, 2009 - 12:11 pm:     An Australian investor opens an account with an online broker. In return he gets a CHESS holder id number (HIN). If you buy and sell stocks that distribute dividends the ATO will automatically know what dividend you received when you file your personal income tax return. e-tax automatically inserts dividend payments from the ATO database into your electronic personal income tax form. Does the ATO also know what stock trades you made during the year and what quantities you bought and sold? If the ATO does not know the stock trades and quantities traded does the ATO have a right to access your CHESS trading history during an audit to check the validity of your capital gain/loss claims? CHESS statements do not hold the buy and sell price of transaction. Why is this not the case? Validating trading transaction capital gain/loss without buy/sell prices on a statement makes it appear a useless effort. Does the ATO have the right to inspect your trading history of your brokerage account including quantities and buy/sell prices during an audit? --- ohk Lies, Damn Lies and Technical Analysis  captain_chaza Member Username: captain_chaza Post Number: 3840 Registered: 02-2003 Rating: N/A Votes: 0 Friday, May 29, 2009 - 04:58 pm:     Ahoy Okie YES! The ATO has the right to fine you lightly or heavily and even in-prison you for 2 years if you file a false declaration on your tax return You may even be asked to prove the origins of your start up capital (Just incase you are growing a few plants under lights in your wardrobes) Fortunately, They can only go back 6 or 7 years as I understand it and you are by law required to keep all your trading logbooks I would seek professional advice if I be you Salute and Gods' speed NB: Big Brother is your Partner,Not your Enemy Crikey! It's Good to pay Tax It gives you a nice feeling inside in that you are helping the hopeless PS: That is is not to say that you should help no more than which is the miniscule amount as per the laws of the land PPS: Once you develop a TAX Free /Tax Avoidance strategy on the Share market you will certainly lose and You Will get your wish and Pay NO TAX (Message edited by Captain_Chaza on May 29, 2009) "While we stop and think, we often miss our opportunity." Publilius Syrus, 1st century B.C. "I believe the future is only the past again, entered through another gate." Sir Arthur Wing Pinero 1893 "There are two times in a man's life when he should not speculate: When he can't afford it, and when he can." Mark Twain, 1897

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