Australian (ASX) Stock Market Forum

tax

  1. Lepearl

    Tax on shares invested for a child

    Sorry if there is another more appropriate place to post this but couldn't seem to find a general forum on overall tax questions. But to my question. I have a 13 year old child of which we would like to put money into a indexed fund that pays dividends and have those dividends automatically...
  2. G

    Tax on capital gain when shares purchased and sold in different period

    Hi, I purchased shares of a company in different days. Below is the detail. 5000 on 8/08/2020 with $2 per share 4000 on 15/08/2020 with $2.30 per share. I am planning to sell 4000 shares. For tax purposes do I need to take shares purchased on 8/8/2020 to calculate gain or can I take shares...
  3. G

    Tax on Trust or Minor stock trading account?

    Hi I am planning to open comsec trust/minor account to buy some shares which I am planning to transfer to my kids when they turn 18. While doing the transfer when they turn 18 do I need to pay CGT or CGT to be paid only whenever kids sell it? Thanks for the help.
  4. Austwide

    Tax date for IPOs

    What date is used for CGT for IPO purchases? Is it the Contract date Payment date The allocated date The listing date or some other date? I assume it's the contract date as with real estate but would be disappointed to lose CGT discount based on an assumption.
  5. G

    Capital loss tax calculation

    Hi Currently I am working part time. I made a profit of selling a share $5000 and loss of $3000 on other share. Both bought and sold in same year. My annual income is less then $18000 even after including $5000 profit. I didn’t deducted $3000.I will not be paying tax this year as my taxable...
  6. E

    Custodian model vs. outright ownership - which is better from the tax perspective?

    Hi, I have an account at InteractiveBrokers and at Commsec in which I hold my positions in some ETFs traded at ASX. InteractiveBrokers follows the custodian model (via BNP Parabis), while Commsec follows the outright ownership model (CHESS sponsored). Which approach is more effective from the...
  7. Frankieplus

    Buying USD - FX Conversion and Tax

    Hey everyone, In regards to trading US via an International Broker, what do I need to do in regards to conversion rates, tax and monitoring my trading performance? With my broker I have an AUD cash account and a USD can account. I can freely convert from one to the other anytime. If I have...
  8. D

    Suggestions on reducing tax

    Hi All. New member and relatively new to the stock market. I have profit of about $50,000 this financial year. I haven't held any stocks more than a year. I'm flexible with classifying myself as either investor or trader. I don't have any other income sources at the moment. Any advice on how to...
  9. Eject!

    Tax Implications of Rebalancing

    Newbie here. Started investing in ASX via Commsec in early 2020, with a view to early retirement. If I want to rebalance, and this involves trimming a position / selling some stock to buy another, would this incur capital gains tax if the cash doesn't leave my brokerage account? Am I better...
  10. basilio

    Donald Trump - Business and tax stories

    For years Donald Trump has boasted of his International Property Portfolio and business acumen. The reality was 5 Bankrupticies, a string of unpaid creditors and now evidence of years of tax records that show 1) A business empire that was struggling to make real money 2) A financial system...
  11. I

    Tax accounting implications

    Hi all, It's been a while since I actively traded. I spent a long time studying before jumping in and once I did I ended up spending more on my accountant that was worth my time and effort. Obviously if I had profited more then the accounting costs wouldn't have been an issue but sometimes you...
  12. S

    Using line of credit to invest in shares: tax question

    I'm looking at using leveraging for investment. I've decided that I will take out a line of credit as a separate loan against my home, the idea is to put the money into my current portfolio of ETFS and LICS. Currently my dividends are completely reinvested through DRIP. Option one: Keep...
  13. A

    Interactive Brokers - annual tax trust distributions details

    Hi, ASX listed trusts provide annual tax statements relating to distributions and taxable components for shareholders. However with Interactive Brokers, IB acts as a custodian so the actual customer does not receive these annual tax statements. How do other IB customers deal with this...
  14. A

    IB Share Trader Taxation

    Hi All, Hoping I can get some help regarding taxation as a Share Trader ("trading as a business") using Interactive Brokers (IB). Specifically which categories of IB reports to use to do a tax return. On the surface, there appear to be a number of options: 1) The Net Asset value summary...
  15. H

    Taxation for US ETF, ASX Global ETF, and Australian ETF

    Hi, since I'm new to investment in stocks/ETFs, I keep reading many posts around how ETFs and stocks are being taxed. However, for a reason, I got confused, especially with the difference between taxation of Australian ETF, US ETF (i.e. traded via Stake app), or Global ETF i.e. Vanguard Global...
  16. Frankieplus

    Dividend Payments/Tax

    Greetings.. I think I know the answer to this but I'll ask anyway. If I get a dividend payment into my -investment platform- cash account, do they get added to my yearly income and therefore I need to pay tax on them? Or is it a case that these dividends only qualify as income once they...
  17. Iggy_Pop

    Retirees Tax

  18. john5

    Tax question re: foreign income

    hi all, just a question on a specific type of foreign income, i own a few domain names, and have them "parked" on a us-based parking platform, the platform collects parking revenue for me, in usd, and generates reports which enable me to see what im earning, even daily ... sometimes it's only...
  19. S

    Melbourne tax accountant for active traders - seeking recommendations

    Hi; Seeking personal recommendations for a tax accountant specialising doing ATO tax returns for Australian & Overseas Trading of Equities, Futures, FX, CFD's Etc. in Melbourne. Cheers and thanks in advance!
  20. SirRumpole

    Tax Evasion

    One wonders how much of this sort of thing is going on. http://www.abc.net.au/news/2018-06-28/phil-whiteman-summons-alleged-tax-evasion-scheme/9916788
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