Your MYOB software isn't specifically designed to track the buying and selling of shares, but it's flexible enough to be customised for this purpose. We'll step you through one method you can use to ...
Updated 9 years ago
Version 1.0
Blog Post
Hi HAL9000, DuncanS, Steven_M< SupportNoteGuy
I answered the previous post under an old email address but all advice given needs to take into account whether you are a share TRADER or INVESTOR.
Share trader would do as you are suggesting, but not even expense out the brokerage. This gets taken into account when you actually sell the capital item (shares), so in you your case would be added to the asset cost. When the brokerage cost of selling will also reduce your profit margin.
Adjustments would just then be done at end of year for the Accountant to advise once he has the yearly brokerage statement.
My advices would be more for a Share TRADER who can expense out the brokerage immediately and also can claim back the GST. More applicable to your SMSF.
I think the support notes should not have even have 'gone there' with shares.
So many different scenarios that could apply.