Apologize if not the proper place to ask these questions but probably may interest some CDX holders. Would ask a accountant but not sure if any of them know what there doing.
We are all going to be very rich from our holding so better work out the best way to minimize tax
So i own shares in CDX and also held CDXO till expiry in a company and in my personal name.
Would someone please comment if this is the correct way the tax department sees these transactions and if there is a better way others do there accounts.
For the personal account CDX is only taxed after i sell them.
CDXO expired in November so in essence was worth zero so could write that of as a loss from the purchase price i bought them for . The new shares I bought through exercising the options at 5 cents are also only taxed after i sell them.
For the company account it is based on closing stock. So I bought CDXO and at the end of 2020/2021 CDXO closed at .026 which was a profit, i paid tax on this profit . At the end of this financial year they are valued at zero so i have a loss which offsets against any profit or carries forward into subsequent years.
With the CDX 2020/2021 EOFY CDX closed at .076 so i paid tax on the closing price of this even though i had not sold them.
End of this financial year I will book a loss from the .076 which also offsets against any profit or carries forward into subsequent years.
CDX shares sold in the future on my personal account will have 50% capital gains tax reduction as have held for more than 1 year. CDX shares sold in company does not have this option but am taxed at 27%.
Does anyone run through a company and account is run like this? Is there a better way as am not to pleased am paying tax on CDX shares for 2020/2021 where i had not even realized the gain.
Thanks
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Mkt cap ! $20.90M |
Open | High | Low | Value | Volume |
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1 | 90000 | 0.033 |
Price($) | Vol. | No. |
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0.040 | 500000 | 1 |
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