In Australia, can I claim a tax deduction on money I have lost trading shares?

Question

In Australia, can I claim a tax deduction on money I have lost trading shares?

Answer 1

If you are in the "business" of sharetrading then the losses may be deductible against your other income, but more than likely hubert is right and you will have a capital loss which can offset future capital gains. See a good accountant who will help you out

Answer 2

Well yes and no.

The loss on Share Trading is considered to be a capital loss and can only be allowed against any capital gains. It is not deductible against other income.

That's the long and the short of it really.