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Offmarket ETF transfer from individual to joint account

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Good day fellow members,

 

I wanted to clarify my CGT situation.

 

I've initially opened individual Commsec account on my name. In few months I have created joint Commsec account with my wife and performed offmarket ETF transfer from individual to joint account with my wife.

 

My understanding is that I've triggered some CGT by this operation. I have 2 questions:

 

1.How to calculate CGT in this case?

2. Is there any chance of justification to ATO that initially I intended to have family portfolio and opened individual account by mistake?

 

Thank you

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Hi @sergio

 

From a CGT perspective share trading as an investor you have sold half your shares to your partner. If they incurred a profit by virtue of the sale then yes you will  likely have a gain to report or if a loss then the converse. As to how to calculate this. See Working out your capital gain. You may also wish to review, if you have not already, Shareholding as an Investor or share trading as business?

 

Thanks for the post

MarkATO

1 REPLY 1
Highlighted

Most helpful response

Community Support

Replies 0

Hi @sergio

 

From a CGT perspective share trading as an investor you have sold half your shares to your partner. If they incurred a profit by virtue of the sale then yes you will  likely have a gain to report or if a loss then the converse. As to how to calculate this. See Working out your capital gain. You may also wish to review, if you have not already, Shareholding as an Investor or share trading as business?

 

Thanks for the post

MarkATO