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Selling shares on broker platform like IG/etoro but not actually cash out/withdraw to bank account

Newbie

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Replies 1

Hi

 

I would like to know. If I sell shares and make a profit from it but I have not cashed out/withdrawn to my bank account. The money stays in the share trading account company like IG/etoro for example. Does this profit need to be claimed during tax time? Thanks

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @ravib,

 

When you sell your shares, these count as a disposal event, which is a type of capital gains event.

 

Even if you do not take the profits out of the e-wallet, you have still incurred a CGT event, and will still need to report the sale on your return.

 

You can read about CGT events and completing the capital gains section of your return on our website.

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @ravib,

 

When you sell your shares, these count as a disposal event, which is a type of capital gains event.

 

Even if you do not take the profits out of the e-wallet, you have still incurred a CGT event, and will still need to report the sale on your return.

 

You can read about CGT events and completing the capital gains section of your return on our website.