Hi all!

I'm interested in setting up a company to separate my capital and revenue accounts for my shares. I have had a read through this thread http://www.sharetrader.co.nz/showthread.php?t=6220 and IRD's/Companies Offices website, although some of the information is quite confusing.

Currently I have a capital account with ASB securities which I will keep for my "longer term holdings". In around 6 months time I am looking to start day trading to supplement my current PT income as I believe I can earn more money putting my time into equities than I do standing around working retail for 9 hours.

I will be going to see my parents company accountant next week to discuss this process further and to work out what he believes will be in my best interest, however I would like some initial clarification and understanding before I meet with him (looks at shasta/any other accountants out there )

Obviously I want to limit my tax exposure as much as possible so a company structure would be the best solution seeing as these trading shares would be held on "revenue"

My main questions are:

1. Am I better to setup a LAQC or a non LAQC (qualifying company? or normal company?)?

From my understanding, by setting up a LAQC I am able to offset any losses I make against any current profit I have made? instead of having to wait for future profit to offset the loses against?

2. So once I have setup a LAQC/Company I will be paying 30% on any profit I make in comparison to 5% FIF tax that I pay on any companies that aren't included in the ASX300/Australian Exempt List (currently half my companies are included in the exempt list and the other half aren't)

3. What would be the best way to pay myself as director/sole shareholder an income out of my company? weekly wages that would attract PAYE? monthly dividends? salary?

4. By having a company I am able offset any income by expenses such as computers/software/trade fee's effectively causing me to have a smaller tax liability?

So for example I spend $5,000 on assets to setup my trading system during the year, and I make $15 profit from shares, my tax liability would be 30% of $10,000?

Any advice on the above would be greatly appreciated as would other users current company setups/ways the work around having differing share accounts.