Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
I sold off my share portfolio this financial year and I am having trouble with the CGT calculations. I have some shares that were given to me as a part of business ownership transactions. How do I calculate CGT in these cases? The details are listed below.
I left my portfolio alone over its life as I was always told shares are a long term investment. I wasn't really warned about the CGT calculations. I've already worked through the dividend reinvestment calculations so I feel the most laborious part of the work has already been done so I don't feel the need to hand this over to a tax professional. However, if the calculations below are dificult I might just do that.
1. Credit union shares I was a member of a credit union that was bought out by a bank. In the transaction my $5 credit union membership was converted to a parcel of bank shares worth a considerable amout more. How do I calculate my CGT liability in this case?
2. Divested entities A company divested a subsidiary and sold it off to another company over a number of months. I received shares in the new entities during the process. I sold these shares off as well. As I don't have a purchase price for these shares, how does CGT work in this case?
3. Stock split A companies shares split sometime during my ownership. When I sold off the portfolio, I had more shares that originally purchased. How do I deal with this type of transaction for my CGT obligations?