By: aster621
25/06/2008
3:44 pm Yahoo! Profile:
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| Thanks so much, what a relief and heartache! |
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By: ecchi.gaijin
25/06/2008
3:30 pm Yahoo! Profile:
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| each person is responsible for their own personal tax return. Assuming you owned the house jointly in your individual names, you would only be responsible for your portion of the gain. |
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By: aster621
25/06/2008
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| Ecchi, one more question, if my partner who shares the CGT, i.e. $45,000 but takes the money and left Australia, will I be responsible for his tax as it was a joint-tenant one? Or do I just pay my share and that's all his business and ATO to chase him for the tax when he returns to Australia? |
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By: ecchi.gaijin
25/06/2008
9:27 am Yahoo! Profile:
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| As long as the capital loss occured in the same year or earlier then you should be able to offset it against the capital gain. |
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By: aster621
24/06/2008
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| Ecchi, I've another question on CGT, I've sold my townhouse (mum's gift) and gain $90,000 but the shares I've got incurred a loss of $20,000, can these two be offset? By the way, I don't have other income for the whole year.Thanks if you can shed me some light. |
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By: rjsandersontax
9/06/2008
10:15 am |
Message deleted. Reason: Breach of terms of service |
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By: ecchi.gaijin
5/06/2008
9:21 am Yahoo! Profile:
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Rusty, you need to explain the facts more clearly for example
What is your age?
What income are you receiving and from what sources?
Are you a resident for tax purposes?
Do you have any shares pre Sept 85 shares?
Do you have any pre Sept 99 shares?
Are you investing or trading? (further complications to the original question)
.......etc |
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By: rustynees
3/06/2008
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what I would like to know if anyone has the answer/
Is if I am no longer working and receiving an income, is the amount I take from my shares counted as income and attracting the full tax payable/ or is it counted as CGT and I pay accordingly as to how long I have held the shares? |
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By: rustynees
3/06/2008
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| you need to add the profit or take away the loss from your income to arrive at your taxable amount, then pay the required amount. |
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By: ecchi.gaijin
20/05/2008
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| I don't believe there is any requirement to use a FIFO method. |
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By: blaze_fx
19/05/2008
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I have not been able to find anything on the ATO website or in the published tax guides that indicate that you need to treat the parcels on a first in first out basis. Can anyone point me to a document/s that might clarify this.
Thanks |
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By: wseeto1974
18/07/2007
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| With DRPs, you treat each as a different parcel of shares. You treat the disposal of shares on a first in first out basis. For example, lets say you had DRP as 23, 45, 67 shares and you sold 100 shares. You would then be selling the parche of 23 shares, the parcel of 45 shares and 32 of the 67 shares. |
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By: wseeto1974
18/07/2007
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| There is no CGT exemption for share sales under $1,000. Is it possible that you are confusing CGT with the $1,000 tax free shares granted from an employee share scheme? |
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By: ausbongo
17/06/2007
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| Hi Gerryhannz33, you said that if profits are less than $1000 then no need to declare, does this apply to oz residents? so any shares i sell where the profit is less that 1k dont have to be declared? i think this sounds to good to be true, could you elaborate, i own few different shares from free issue to SPP and would like to sell and put into others but not sure of tax situation, also if you could please tell me how to calculate DRP prices for sale, ie 15 added at $5.93 total now 1600 then another 34 added etc, do i just average the price out? thanks in advance to anyone who replies, regards |
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By: gerryhanz33
17/06/2007
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| If your total profits are less than $1,000 then you dont have to declare them |
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By: _steve24
21/11/2006
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| Yes, if you are a resident for tax purposes, you will have to pay CGT on any profits you make from share sales, just like any other Aussie. |
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By: diaz_rub
20/11/2006
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Hi Dear,
I am confuse about residency status, because I have a temporal 4years business visa, but I know for tax purpose I am resident. So for shares, does apply the same rule?
Thanks,
Rub |
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By: shuifai72
16/05/2006
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The message board is displaying a gap in the word "businesses" in the below URL. Make sure it is just one word with no gaps when you type it into your browser. If it doesn't work just do a search on "share trading" on the site.
Cheers
(http://www.ato.gov.au/bu sinesses/content.asp?doc= /content/21749.htm) |
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By: baxterbeagle76
12/05/2006
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Thanks very much for your information.
When I try the link, I receive an error message from the ATO.
Are able to check it?
Thanks again,
BB. |
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By: shuifai72
12/05/2006
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Baxter,
It depends on your circumstances. You primary source of income may be gains from shares that you have held as an investor for a long period of time. This does not necessaily mean that the gain would be revenue in nature rather than capital gains. The ATO has published a fact sheet on this issue (http://www.ato.gov.au/bu sinesses/content.asp?doc= /content/21749.htm)
The factors that the ATO will look to include:
- the nature of the activities, particularly whether they have the purpose of profit making
- the repetition and regularity of the activities
organisation in a business-like manner, the keeping of books or records and the use of a system
- the volume of the operations, and
- the amount of capital employed.
I would discuss with your accountant when filing your tax return.
Dividends will always be included in assessble income for an individual australian tax resident.
Hope this helps.
Regards |
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By: baxterbeagle76
8/05/2006
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Hello,
Thanks for your info. to clarify your last posting. Does that mean, for ATO purposes, that if my primary source of income is profit from selling shares, and dividends, then that cannot be classed as my primary source of income, unless it is some kind of business structure? |
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By: shuifai72
8/05/2006
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Nzbean,
For the profit on sale of australian listed shares to be classified as "income", you would need to be conducting sufficient share trades to have a share-trading business or the surrounding circumstances charaterised your profit as arising from a profit making undertaking or scheme. Just buying and selling shares as an ordinary investor probably won't be enough.
Even if the profit is "income" - if you are resident in a country that has a double tax treaty with Australia (e.g. New Zealand), you are probably protected from tax on that income by the terms of the tax treaty. I would check with your accountant on this.
Overall I would guess that the ATO is unlikely to pursue a non-resident who sells shares in Australian listed company - but I guess it is theoretically possible
Cheers |
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By: nzbean
2/05/2006
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No CGT event for non resident. Does it mean all profit on the sell will count as income to get taxed at 48.5%?
Thanks |
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By: flaminggo07
27/04/2006
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| How much you paid for them? and less amount sale equal CGT |
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By: geoff_rider
22/04/2006
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| The 45 day rule for Franking Credits for individual taxpayers does not apply if the total credits in a fiscal year are no more than AU$5,000. |
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