Well personally I regard CGT as a scam period, regardless of what it applies to (eg property/real estate, public Co shares ect)billy the kid wrote: ↑Sat May 04, 2019 2:39 pm
Just on the stock market...do you think we should have to pay capital gains tax on day trading profits....Ive always believed its a gamble...the ITA doesnt define gambling, but says profits from gambling are not taxable...
Definition of gambling is "any monetary transaction, the result of which is based on a future uncertain event.."
Imagine the chaos if a Court ruled that day trading was gambling...imagine....no more cgt revenue ripoffs.......
Just waiting for some well heeled day trader to take this to the Courts.....
and the reason I don't speculate on share markets is precisely because it's as you said "gambling".
When I do gamble it's generally a bet on a horse or 6 numbers on keno, but it's got to be money I can afford to throw away.
And that's one of my main complaints with the compulsory superannuation extortion, they gamble my money on the share market and when they lose it - "bad luck".
If I had money to play investor with (and I don't) I'd only put it into 3 things; property (I prefer rural, my father's done well out of industrial sites), Pty Ltd companies (liabilities are limited to what the company itself owns) and precious metals.
If I'd put money into gold 5 years ago I'd be a lot better off now ... gold is currently over priced (around AUS$1800 per Oz) but will probably continue to the $2k mark, even without a major war.
By comparison Platinum is under priced (at around AUS$1200 per Oz) ... especially when considering the electronegativity/chemistry of Platinum makes it useful as a cathode/electrode for fine/powder gold extraction.
The big winner is most likely Palladium (a platinum group metal and Platinum mining by product)[at around AUS$1900 per Oz].
Most so called experts are betting on Lithium ... for batteries for EVs ... but I reckon the electric car fad will fail.
In the hear and now we have environmentalist dictators bitching about the VW (and many others) emission cheating, so the manufacturers need to put more Palladium in their catalytic converters. And you can't ramp up Palladium production by increasing Platinum mining because Platinum is in limited supply and typically secondary to mining another metal.
Thus the demand will increase but the supply cannot.