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Unrealised Gains/Loss on Shares and Trust funds

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Hi, Our organisation holds some shares and trust funds. At the end of financial year, I do the re-valuation of their values which can result in either Unrealised Gains or Unrealised Loss.  My question is that -

 

"Do I need to report the Unrealised Gains on BAS as income? "

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Hi @tcquery 

 

Thank you for your question. An unrealised gain or loss on shares and trust funds is an item for your balance sheet only. A realised gain or loss may be subject to the capital gains tax legislation in the business' income tax return.

  • See our webpage Accounting for GST in your business. As a GST-registered business, you need to issue tax invoices to your customers, collect GST and send it to us with your business activity statement (BAS).

Therefore, your income for your BAS is your total sales.

 

Hope this helps.

 

1 REPLY 1

Most helpful response

Community Support

Replies 0

Hi @tcquery 

 

Thank you for your question. An unrealised gain or loss on shares and trust funds is an item for your balance sheet only. A realised gain or loss may be subject to the capital gains tax legislation in the business' income tax return.

  • See our webpage Accounting for GST in your business. As a GST-registered business, you need to issue tax invoices to your customers, collect GST and send it to us with your business activity statement (BAS).

Therefore, your income for your BAS is your total sales.

 

Hope this helps.