First time caller :) Inherited shares from father couple of years ago. Computershare shows records of single parcel of bulk certificated conversion BHP shares in 07/1998 (let's say 2000). I have actual physical records and share certificates for some but not all of the bulk conversion in many small allotments (let's assume 27 tranches ranging from 1986-1994)....For determining a cost base post sale (haven't sold but preparing to hand info over to other inheritors so they understand) for CGT will the ATO accept the bulk certificated conversion date/amount/cob share value or must i go through individually for each tranche working out the market value cob and then varying due to South32/Bluescope demergers. If so, what do i do with unknown records between what i have and what computershare bulk conversion states. Thanks in advance
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Hi @SharpasaTAX,
When you inherit shares, you don't pay tax when you receive them. However, if you later sell the shares, the normal CGT rules apply. The key issue is determining the correct cost base of the inherited shares.
We can't determine whether the cost base is based on your father's original acquisition cost or the market value at the date of death.
This depends on factors such as:
- when the shares were originally acquired, and
- whether they were acquired before or after 20 September 1985.
Given the age of the holdings and the limited records available if you're unsure how to determine the correct cost base before calculating any capital gain or loss it's worth speaking with our tailored technical assistance team.
Thanks for your reply. I will do so.
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