I had always assumed that considering my share broker has my TFN that it would all be worked out automatically for me, the same as they already can with dividend income. But I go to MyGov to fill out the details and get met with a form asking me to manually enter CGT details:

Above it’s got a list of a bunch of transactions, presumably from the large number of shares I sold earlier this year to pay for a downpayment on a house (the first time I’ve sold shares after a few years of buying).

From the company I buy shares through, I’ve got an “Interim Tax Summary Report” which has fields very similar to those in this sample PDF I found online:

If that sample was my actual report, would that be sufficient information to submit the three fields shown on MyGov with the following?

  • Total current year capital gains: 36,767 (17,505+19,262)
  • Net capital gain: 26,222 (17,505+9,631-914)
  • Net capital loss carried forward to later income years: 0 (because Net capital gain is > 0)

And the “Wealth+ Management Fees” number (0 in this example, its equivalent not 0 in my real report) would go as a deduction under “Dividend deductions”?

edit: I have just realised that in my real one, (Long gains + short gains - losses - discount gains) is > 0. That makes me even more lost than I was to begin with.

  • DogMuffins@discuss.tchncs.deEnglish
    2·
    1 year ago

    would that be sufficient information to submit the three fields shown on MyGov with the following

    Yes, your dot points are correct according to the summary.

    And the “Wealth+ Management Fees” number (0 in this example, its equivalent not 0 in my real report) would go as a deduction under “Dividend deductions”?

    This is complex. What portion of the fees were incurred in relation to the dividends that you earned, and what portion pertained to the profit you made from trading. Most people would just claim them all under interest and dividend deductions, but in reality some should be applied to your capital gains also.

    I have just realised that in my real one, (Long gains + short gains - losses - discount gains) is > 0.

    I don’t really understand what you mean here.

    • ZagorathOPEnglish
      1·
      1 year ago

      I don’t really understand what you mean here.

      Ah sorry. In the sample the realised losses are very low relative to the gains, but I’ll use some other made-up numbers.

      • Short gains: 100
      • Discount gains: 5,000
      • Total Long gains: 10,000
      • Realised losses: 6,000

      In this case, long gains + short gains - losses - discount gains is -900. So I think that would then mean that the “Net capital gain” field should be 0 and “Net capital loss carried forward…” would be 900. And then in future years that 900 can be subtracted from any net capital gains that would otherwise have been reported?

      • DogMuffins@discuss.tchncs.deEnglish
        2·
        1 year ago

        Oh yeah ok so you can choose which gains you wish to apply your losses against (Short gains being the most tax effective). Also you apply the losses before the discount. The tax statement you have is misleading - somewhere on that statement it will have a disclaimer saying that those amounts should not be included directly in your tax return without considering the underlying transactions and methodology. This is why this data doesn’t go through to the ATO btw because including it in the TR requires discretionary calculations.

        Total Current Year Gains is simply the 10,000 + 100 = $10,000

        Net Capital Gains is a bit tricky:

        • Apply losses to short gains of $100. Short Gains become nil, remaining losses are $5,900.
        • Apply remaining losses to discountable gains of $10,000, $10,000 - $5,900 = $4,100.
        • Apply 50% discount to remaining discountable gains of $4,100. $4,100 - (0.5 * $4,100) = $2,050.

        Carried forward losses are nil.