Hi, first time share owner/seller and forum user.
Seeking advice regarding the following.
I inherited a small number of CBA shares in 2009 when my mother died. She was gifted these by her mother circa 1999 (date to be confirmed, I am having dad try to find her HIN/SSN to get more accurate info). Her mother purchased these circa 1970 for $8 a share as per my aunt who is trustee of my grandmothers estate..specific dates not known, could be found if necessary.
I sold my shares in December '15 after holding them for 7 years; I reinvested the dividends acquiring a further 20 shares than what I inherited initially in the 7 years I held them.
My question relates to CGT and cost base:
Does the cost base come from when I acquired them (the date of my mothers death in 2009)
Does the cost base come from when my mother acquired them sometime in the late 1990's? (Remember these were a gift so I don't have a transaction record for these)
Does the cost base come from when my grandmother purchased these in the 1970's?
For whatever cost base is used, how does an accountant and/or myself work out the net profit when shares were acquired through dividends over 40 odd years as opposed to purchasing more?
Also am I right that I will be eligible for CGT concession as I held the shares for 7 years when I sold them?
I appreciate any advice; this is the most complicated tax return Ive ever done (I am early 20's, don't own property/investments other than these shares) therefore I've never used an accountant. I plan on doing so but am hesitant to be taken for a ride as a young woman who doesn't know too much... Any basic information you can provide from similar experiences is appreciated.