Firstly, Hi Guys!! I just joined up.
I had a question relating to my shares and tax and came across this site whilst googling for an answer.
Anyway I'm hardly a big investor and the only shares I hold are one's from the company I work for.
I have recently been tempted to sell a few as I need some extra money.
The nagging question is tax and everything that paying it or avoiding it entails.
You see I have slowly collected these over the last 5 years by the way of having a small percentage of my wage deducted each month and I get shares each quarter. The company is Canadian so the shares sit with a Canadian brokerage firm.
I know that your supposed to declare profits from shares but as I have purchased these in small lots over 5 years and dont even know how I'd work out what the nett gain on these would be. So I'm tempted in dumping some of these shares to the value of just under 10k AU and not bother about declaring. I know the ato checks against stock plans but as this one is based overseas and the transaction is under 10k, how risky would this be?
If its super risky, how detailed do I have to be with what i declare. Over this time we have changed from the company managing the scheme and sending us direct certificates, to one broker and now to another. I dont even have an easy view of how much I paid versus what they are worth today and the gain is not anything significant. Hence why im just thinking of going stuff it and not mentioning it to the tax man.
Ideas, suggestions, warnings???
Oh and thanks in advance