How to manage Wash Sale in CGT record tool

 Author: promenade(Newbie)Newbie

16 July 2022

Hi there,

I believe I have transaction that might be classified as wash sales, so want to double-check that this is the right way to report it.

Example:

Original: 100 shares of X (Cost 5$ each)

Sold 100 shares of X on day 2 (Sold at 3$)

Bought another 70 shares of X on day 4 (Bought at 2$)

Sold the 70 shares of X on a later day (Sold at 1.5$)

My understanding is that the first sell of 100 shares will be classified as wash sale and cannot be classified as Capital loss.

So when I use the CGT record tool, should I be doing the following

• Register the first sell as a sell of 30 units (instead of 100)
• Carry the original loss of 70 units from the first sale and add it as the cost base of the second sell?

Is that correct? The ATO prefill automatically indicates that I sold 100 units in the first place, should I change it to 30 units?

Kind Regards,

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