Our ATO Community is here to help make tax and super easier. Ask questions, share your knowledge and discuss your experiences with us and our Community.
ATO Community
Hi,
My previous employer gave me shares under a retention share scheme.
I sold the shares at loss and I'm unsure where to state it.
Events in chronological order:
2018-19 FY
October 2018 - Shares were allocated to me, vesting from 31 July 2019 over 5 years.
April 2019 - I was made redundant. At employment termination, it was up to the employer to decide if shares would vest or be re-allocated to the company. No decision was communicated to me.
2019-20 FY
July 2019 - 20% of the shares vested. No communications were made.
September 2019 - I was informed by the share plan managers the remaining shares vested.
September 2019 - I sold all the shares (Gross Proceeds $12,560.06 ; Dealing and Administration Charges $68.40 ; Net Proceeds $12,491.66).
November 2019 - I was informed by the share plan managers the deferred taxing point is 2 April 2019 (previous FY) and the Taxable Value at Deferred Taxing Point is $13,246 ($754.34 above sale net proceeds).
I understand I now have to lodge a revised tax statement for the 2018-19 FY to include the $13,246 on item 12 F (employee share schemes - discount from deferral schemes).
However, I do not know where I need to state the $754.34 loss from the sale. I also don't know if I can include it on 2018-19 FY tax statement or if it needs to be on 2019-20 FY. I do not own any other investment / shares, therefore I'm not expecting to have any capital gains in the future.
Are you able to provide guidance on where and when to state the $754.34 loss?
Thank you for your assistance in advance.
FY 2019-20 since that's the year you disposed of them.
Item 18 Capital Gains has a section to record your current year capital losses & carry forward capital losses.
You carry these losses forward and include them in subsequent returns until you use the losses.
FY 2019-20 since that's the year you disposed of them.
Item 18 Capital Gains has a section to record your current year capital losses & carry forward capital losses.
You carry these losses forward and include them in subsequent returns until you use the losses.
Yes, I assumed that would already occur per the original comment:
I understand I now have to lodge a revised tax statement for the 2018-19 FY to include the $13,246 on item 12 F (employee share schemes - discount from deferral schemes).
I was only addressing what to do with the sale and the resulting capital loss.
Tell us about your ATO Community experience and help us improve it for everyone.
Provide feedback