Hi all,
I hope someone could help me to work out CGT for me.
I bought 518 WBC shares in October 2019 @ $28.885 per share. Over the years, I reinvested all the dividends into the portfolio. In August 2024, the number of shares became 662 units, and i sold all @$30.63 per share. How much gain to declare in 2024-2025 tax return? Much appreciated.
You will need to establish the cost base for each parcel of shares acquired via the dividend reinvestment plan(DRP). Those details will be shown on the dividend statements you received. You may be able to access those statements online.
Failing this, do an internet search for "WBC Dividend payment history", the results will give you details of the cost base per share relating to each dividend and allow you to manually calculate how many shares were acquired on each dividend date.
Note that any shares acquired within 12 months of the sale date, including those acquired via the DRP, will not be eligible for the 50% CGT discount.
You will need to find the purchase price of the shares for each DRP. Usually, the dividend statement will say how many units were 'bought' and for how much for those shares.
Check the share registry, usually you will be able to download dividend statements there. Share registry for Westpac should be MUFG (used to be called link market service or something similar)
Generally, capital gain/loss is done as (Proceeds) - (cost base) = capital gain/loss
You will need to establish the cost base for each parcel of shares acquired via the dividend reinvestment plan(DRP). Those details will be shown on the dividend statements you received. You may be able to access those statements online.
Failing this, do an internet search for "WBC Dividend payment history", the results will give you details of the cost base per share relating to each dividend and allow you to manually calculate how many shares were acquired on each dividend date.
Note that any shares acquired within 12 months of the sale date, including those acquired via the DRP, will not be eligible for the 50% CGT discount.
Thank you all for your guidance on the DRP. I was able to obtain the information, but I am getting further confused about working out the capital gain. Please help me further. Thanks in advance. Below is the full event.
October 2019 – bought 518 shares at $28.885
December 2019 – DRP 16 shares at $25.17
December 2020 – DRP 8 shares at $19.83
June 2021 - DRP 12 shares at $25.98
December 2021 – DRP 15 shares at $22.34
June 2022 – DRP 15 shares at 23.96
December 2022 – DRF 15 shares at $23.86
June 2023 – DRP 20 shares at $21.08
December 2023 – DRP 21 shares at $21.27
June 2026 – DRP 22 shares at $26.64
Total 662 shares accumulated.
August 2024 – sold all 662 shares at $30.63
The first step is to calculate the total cost of the shares i.e. 518 x 28.885 = $14962.43 plus 16 x $25.17 = $402.72 etc.
The above should give you a total cost of $18,342.30 for the 662 shares. Comparing this to the sale proceeds of $20,277.06 gives you a capital gain of $1,934.
The gain on shares held for less than one year is is $284, the full $284 is subject to tax. The remaining gain of $1,650 ($1,934 less $284) is eligible for a 50% discount.
The total gain may be slightly different if you have not included the buying and selling costs in the amounts you have mentioned.
Thank you so much Glenn4802.
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