Where to learn about tax with shares?

blaz0430 · 29 June 2014

hi everyone i have just turned 18 and starting to invest in the stock market but i have no knowledge about tax at all and i do not have a tax agent to ask. Could anyone give me a few tips how tax works with shares and to tax agents cost much to book an apportionment and discuss this? thanks!

Julia · 29 June 2014

Here is a starting point:
https://www.ato.gov.au/General/Capital-gains-tax/Shares-and-units/

burglar · 29 June 2014

blaz0430 said:
hi everyone i have just turned 18 and starting to invest in the stock market but i have no knowledge about tax at all and i do not have a tax agent to ask. Could anyone give me a few tips how tax works with shares and to tax agents cost much to book an apportionment and discuss this? thanks!

Hi blaz,

Much has been posted here on Capital Gains Tax (CGT)

Best place to find out about CGT is the Australian Tax Office (ATO)
They have a website. ato.gov.au
You can ring them or write them or visit an ATO office.

blaz0430 · 29 June 2014

awesome thanks guys

SuperGlue · 30 June 2014

blaz0430 said:
Could anyone give me a few tips how tax works with shares and to tax agents cost much to book an apportionment and discuss this? thanks!

Better to get a tax accountant.
Cost probably $60 and above, tax agent $45 and above.
You'll pay slightly more but than the cost is tax deductable the next financial year.

All my tax preparations are done on Excel spread sheet. There is a "Question" tab.

Example: Can Visa Card Statement be use as proof of purchase ? Yes
Is Trading Date or Settlement Date the date of transaction? ????
Etc, etc

Very time consuming looking for answers when tax time comes.

Here is an article in the Aust. Financial Review that will be of interest to everyone.

"Spring clean your portfolio to sort your capital gains tax"
http://www.afr.com/p/special_report...your_portfolio_to_sort_lxRbl6RoHs53EjPXnzRxBN

I'll have to do some Spring cleaning today.
Last day of financial year.

matthewdean · 7 July 2014

For the past 3 years I've always had problems working out tax around shares.

This year I found a document located on the ATO website and It's really explained things clearly to me for once. The example that starts on page 12 is extremely clear.

Hope it helps.

Direct link: https://www.ato.gov.au/uploadedFiles/Content/MEI/downloads/ind39805n41520614.pdf

Cheers,

ROE · 7 July 2014

matthewdean said:
For the past 3 years I've always had problems working out tax around shares.

This year I found a document located on the ATO website and It's really explained things clearly to me for once. The example that starts on page 12 is extremely clear.

Hope it helps.

Direct link: https://www.ato.gov.au/uploadedFiles/Content/MEI/downloads/ind39805n41520614.pdf

Cheers,

Most shares portfolio will do the tax for you, it has all the tax law built in, it automatic work out tax minimisation selling of shares for you..

save you lot of time and it keep it all neat and tidy and you can go back and fore in time.

this is simple and very good
http://topshare.com.au/

cost a few hundred buck but its life time upgrade so the earlier you buy the more time it saves
and more valuable to you and I love the Internal Rate of Return calculation.
it a good metric to keep score and compared your performance years after years

Where to learn about tax with shares?

blaz0430

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burglar

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ROE

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Where to learn about tax with shares?

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