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  1. #1

    Question CGT: Date Sold or Settlement Date?

    Hi guys, just a quick question...

    In terms of capital gains tax, is the date the ATO considers you sold the asset the actual date u clicked 'sell' and the transaction went through, or the date of settlement?..or somewhere in between?

    With the EOFY just around the corner, i was just curious.

    Thanks for any help!

  2. #2
    PlanYourTrade > TradeYourPlan RichKid's Avatar
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    Default Re: CGT: Date Sold or Settlement Date?

    Quote Originally Posted by Shehan
    Hi guys, just a quick question...

    In terms of capital gains tax, is the date the ATO considers you sold the asset the actual date u clicked 'sell' and the transaction went through, or the date of settlement?..or somewhere in between?

    With the EOFY just around the corner, i was just curious.

    Thanks for any help!
    Shehan,
    I'm not sure if this is correct but I just use the buy/sell dates on the contract note provided by my broker (comsec). Best to check with the ATO directly, their site should have some examples, the ATO tax pack supplement will have some simple examples too but I'm not sure if it's that specific.
    RichKid

    My posts are not recommendations (even when I rave about something). Always rely on your own research & judgement.

  3. #3
    bullmarket's Avatar
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    Default Re: CGT: Date Sold or Settlement Date?

    Hi shehan

    my understanding is that it's the date bought/sold that counts and not the settlement date.

    but if in doubt maybe give the ATO a call.

    cheers

    bullmarket

  4. #4

    Default Re: CGT: Date Sold or Settlement Date?

    Quote Originally Posted by RichKid
    Shehan,
    I'm not sure if this is correct but I just use the buy/sell dates on the contract note provided by my broker (comsec). Best to check with the ATO directly, their site should have some examples, the ATO tax pack supplement will have some simple examples too but I'm not sure if it's that specific.
    as I understand it,
    it is the date you sell that applies not the settlement date.
    The same principle applies when an investment property is sold the "exchange" Vs the "settlement"

  5. #5

    Default Re: CGT: Date Sold or Settlement Date?

    The relevant date is the date of the contract. For property transactions, it's the date the contract (to purchase or sell) was signed. For stock transactions, it's the date of the buy/sell, which should be reflected on the contract note from your broker.

    Settlement is just an accounting transaction which occurs after the event, and its date has no relevance for tax purposes.

    Cheers, Staybaker.

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