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Re: Long Term Capital Gains On Foreign Shares

Initiate

Views 514

Replies 2

Hi Members,

 

I've held foreign shares for almost 10 years before finally selling them in January 2020 for a profit.

 

Assuming my profit was $1000 after converting to AUD, what is the amount I should declare in my tax return? The entire amount or since they are long term capital gains (held more than 12 months), as per ATO guidelines only 50% i.e. 500?

 

I searched for clarification elsewhere on the forum but did not find a definite answer to whether capital gains domestic or foreign are treated equally.

 

I look forward to your help & guidance in this regard.

 

Thank you.

 

Regards

Josh 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 1

Hi @joshuajones 

 

The capital gain tax discount is applicable to capital gains on both Australian assets and foreign assets held by Australian tax residents.

 

https://www.ato.gov.au/Business/International-tax-for-business/In-detail/Doing-business-overseas/Doi...

 

 

 

 

2 REPLIES 2

Most helpful response

Devotee

Replies 1

Hi @joshuajones 

 

The capital gain tax discount is applicable to capital gains on both Australian assets and foreign assets held by Australian tax residents.

 

https://www.ato.gov.au/Business/International-tax-for-business/In-detail/Doing-business-overseas/Doi...

 

 

 

 

Initiate

Replies 0

Thanks @MS.