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
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Thanks. As far as the Company account is concerned, I'd assume I'm not a share trader, since I run a very small business and have simply decided to invest some of the profits into shares rather than leave it sitting in the bank. The stocks will be held long-term, not traded regularly.
As far as the SMSF account goes, perhaps the focus is share trading since it's not a business as such. But then again, the stocks will be held long-term. So in my view, in both cases I'm an investor, not a share trader.
I use a cash basis in both accounts.
I do not claim back the GST in either case. But now you've got me wondering whether I ought to have done with the Company purchases, since the coy is GST registered... what a minefield this has turned out to be!
I'm really struggling to understand the concept, eg. why annual opening/closing stock values should be of concern at all, until such time as the stocks are sold.