Hi Shilpa, Brokerage fees, which are payable on buying and selling shares, while not directly tax deductible, at the time that you sell your shares and need to calculate any capital gains tax payable, the brokerage can be taken into consideration in both the acquisition and sale costs. For example, you purchase $5,000 worth of shares and sell them for $6,000. Your capital gain is $1,000, however when you take into consideration $100 brokerage on both the purchase and sale, your purchase price was $5,100 and your sale proceeds were $5,900, meaning your capital gain is only $800.
I will be honest, I am unsure whether pattern day trading is allowed in Australia. As a financial planner, I believe in "investing" in the stock market as opposed to "speculating". That means that I look for good quality, long term stocks that we can buy and hold rather than seeking a short term gain or loss. You may need to clarify that with a stockbroker.
The Australian Share Market has been experiencing some volatility due to increased uncertainty in China, amongst other things. No one can absolutely predict where the market is heading, however there are certain stocks (as I mentioned before), which believe represent long term value that are currently undervalued so now would be a great time to snap them up.
By Andrea Jenkins CFP®