End of Financial Year

[rock86]

Rito, one question.

If I sell my shares today, the money will be in my bank on Thursday (t+3) 1st July. So for tax purposes is my capital gain realisesed today, or on Thursday when the transaction is settled??

note: I am an accountant and have asked a few of my colleagues with different view points, am not ringing the ATO cause they know zero.

 

[Buckfont]

Rito, one question.

If I sell my shares today, the money will be in my bank on Thursday (t+3) 1st July. So for tax purposes is my capital gain realisesed today, or on Thursday when the transaction is settled??

note: I am an accountant and have asked a few of my colleagues with different view points, am not ringing the ATO cause they know zero.

rock86, I saw my acc the other day on the very some thing and he told it was the transaction date not the settlement date. If that helps.

 

[son of baglimit]

Rito, one question.

If I sell my shares today, the money will be in my bank on Thursday (t+3) 1st July. So for tax purposes is my capital gain realisesed today, or on Thursday when the transaction is settled??

note: I am an accountant and have asked a few of my colleagues with different view points, am not ringing the ATO cause they know zero.

definitely contract date - ie the date of sale. applies for pretty much all CGT issues.

what i wanna know is, if you are an accountant (as are your colleagues), this is pretty much basic stuff in respect of tax, why the need to ask ? why the need to ask on a forum, where all sorts of answers, including mine, could be provided.

maybe you should ring the ato - ask for the HR dept.

or try this link....http://ato.nga.net.au/cp/index.cfm?...b-56d3-8b70-52f623011608&audienceTypeCode=ext

 

[rock86]

definitely contract date - ie the date of sale. applies for pretty much all CGT issues.

what i wanna know is, if you are an accountant (as are your colleagues), this is pretty much basic stuff in respect of tax, why the need to ask ? why the need to ask on a forum, where all sorts of answers, including mine, could be provided.

maybe you should ring the ato - ask for the HR dept.

or try this link....http://ato.nga.net.au/cp/index.cfm?...b-56d3-8b70-52f623011608&audienceTypeCode=ext

cheers mate, was just getting some different view points, i'm only a grad atm and am just starting my CA so still in the learning process.

 

[BrightGreenGlow]

How about Dividends tho? I believe the tax is carried on the Payment date not the Record Date, is this correct??

 

[akkopower]

Rito, one question.

If I sell my shares today, the money will be in my bank on Thursday (t+3) 1st July. So for tax purposes is my capital gain realisesed today, or on Thursday when the transaction is settled??

note: I am an accountant and have asked a few of my colleagues with different view points, am not ringing the ATO cause they know zero.

What is the name of the business you guys work for?

 

[wade]

i think it is for the financial year its sold in even if you get payed T3. Think about if you were being payed via cheques and it took a few days to clear i think it would be still considered

 

[craigj]

capital gains events are always on the date of contract not settlement
dividends are on the payment date