Hi Dan, thanks for recommending Sharesight it has been the best purchase this year for me and has actually made the EOFY an enjoyable experience instead of a stressful, disorganised time. For example I can easily see in the capital gains report that I was due to pay capital gains as I sold more profitable shares this financial year which made me realise that I also needed to sell some shares that I hadn't made money with (that I should really be getting rid of anyway!) to offset the gains.
Dan, Thanks for this informative Video on WOW Shares, Do you have a similar one for managed Funds (mFunds) that have had GCT events on distributions Year1 & 2 and then sold in Year 3 , TIA
Thanks for watching. Try this one ETF Capital Gains in MyGov: How to Add Them Without Pre-Fill | 2024 Australian Tax Return th-cam.com/video/Ze6KY4tcSiU/w-d-xo.html Please let me know if this answers your questions and let me know if anything missing. Thanks
Thanks for watching. The ATO does data matching with other agencies and business and if they see a sale not declared they may choose to audit. CGT is due when your tax return is due and if you lodge by yourself it is 21 days after 31 Oct.
@@aadarshatimilsina3648 the ATO doesn’t know how much your capital gains are so I can’t say they would ignore a small amount. All they could see is a sale that is not reported and that triggers the system to send a message on MyGov asking you to review your return.
So is it $3,640 capital proceeds $601.50 $20 buy brokerage $10 sell brokerage $1,005.21 DRP initial purchase $1,636.71 Cost base $2,003.29 capital gain after costs deducted 50% discount = $1,001.65 taxable capital gain 32.5% tax rate because of bracket $325.52 Tax for Albo and $3,314.48 For you?
Hi Dan, thanks for recommending Sharesight it has been the best purchase this year for me and has actually made the EOFY an enjoyable experience instead of a stressful, disorganised time. For example I can easily see in the capital gains report that I was due to pay capital gains as I sold more profitable shares this financial year which made me realise that I also needed to sell some shares that I hadn't made money with (that I should really be getting rid of anyway!) to offset the gains.
Thanks so much Richard fr the Super Thanks 🙏 . I’m so glad to hear Sharesight helped. I use that feature myself for the exact same reason. Best wishes
Nice Video! Thanks 😊
Thanks so much!
Nice explanation
Thanks so much 😁
We wish to see more videos related to tax filing
Plenty more on my channel page. Let me know any topics that you want me to cover.
Sure sir thank you so much
Dan, Thanks for this informative Video on WOW Shares, Do you have a similar one for managed Funds (mFunds) that have had GCT events on distributions Year1 & 2 and then sold in Year 3 , TIA
Thanks for watching. Try this one ETF Capital Gains in MyGov: How to Add Them Without Pre-Fill | 2024 Australian Tax Return
th-cam.com/video/Ze6KY4tcSiU/w-d-xo.html
Please let me know if this answers your questions and let me know if anything missing. Thanks
If the DRP was less than 12m ago, doesn’t it need to be dealt with differently for CGT?
Yes that’s right.
what will happen if i forgot to file cgt in case of loss. when is the deadline?
Thanks for watching. The ATO does data matching with other agencies and business and if they see a sale not declared they may choose to audit. CGT is due when your tax return is due and if you lodge by yourself it is 21 days after 31 Oct.
@@MoneywithDan Does ATO audit triggers for small amount like 10-20$
@@aadarshatimilsina3648 the ATO doesn’t know how much your capital gains are so I can’t say they would ignore a small amount. All they could see is a sale that is not reported and that triggers the system to send a message on MyGov asking you to review your return.
So is it $3,640 capital proceeds
$601.50 $20 buy brokerage $10 sell brokerage $1,005.21 DRP initial purchase
$1,636.71 Cost base
$2,003.29 capital gain after costs deducted
50% discount = $1,001.65 taxable capital gain
32.5% tax rate because of bracket
$325.52 Tax for Albo and $3,314.48 For you?
That sounds about right for cash in hand after tax.