I’m about to submit my first tax returns but having a problem with 1 income. Appreciate if someone can help.
In 2021 while working in Sri Lanka I got employee share options. I became an Australian tax resident from 15th of July 2024. In 2024 November I sold the shares and the capital gain was $4000.. How should I declare for tax please ?
Am I getting taxed for the entire 4000 or should I calculate the capital gain portion pertaining to the my Australian tax residency period ? Also am I eligible for the 50% capital gains discounts as I had my shares for more than a year ??
so for an example is this calculation correct ?
% gain during Australian residency (assuming gain is evenly distributed over time) 4/36*100% = 11.11
Therefore taxable gain = 4000*11% =444.44
After 50% capital gains discount =444.44 *50% = 222.22
so is it correct to mention 222.22 under foreign income ?
OR is it incorrect to assume that the capital gain is evenly distributed? Should I calculate precisely the gain after becoming an Australian tax resident
Really appreciate your help as this is my first time.
197 views
3 replies