LNG (ASX) Buying more...

Originally posted by Naish ↑

Sivart

I know you are not having a go at me. Hummmm lol

Not only have I had an interest in the stock market for 30+ years I have had a big interest in taxation - in fact most things to do with investing from a shareholder angle. I was a subscriber to what is "Smart Investor " magazine now, for most of the last 30 years also. I did my parents farming business tax returns back in the 80's and 90's.

Have done my own family's tax returns for the last 30+ years. My mother's tax return which involves a $1M+ share portfolio of shares. I was also an executor of my father's will along with my sister. This involved shares also. I have requested private rulings from the ATO on treatment of inherited shares.

My wife and I have a SMSF (7 yrs) and I do all the paper work recording for it. With a SMSF you have to have a complete paper trail of all things you do. The super fund tax return is then audited before being sent to the tax office. Our Super Fund tax return was audited by an auditor from the ATO last year. I do personal tax returns on the ATO's e-tax website. I also read the WEALTH section in the Business section in the Australian Newspaper each Tuesday. I have sort clarification of points from people who write articles in there.

I cover my butt by telling people to get the ATO's Capital Gains booklet. You could have it sent to you but looks like they don't do that now. The ATO will not give advise - they will quote the section/article/clause. By all means seek other advice - that is how you learn.

https://www.ato.gov.au/Individuals/...lications/Guide-to-capital-gains-tax-2013-14/

peter.farmer

- the order you sell different parcels of shares can have a big bearing on how much tax you pay. Why pay more than you have to. There is an order of how you work out net cap gain for the year and any carried forward capital loss. Important you get that right. I read your post - good luck with it.

Also you can go to a News Agent and get a copy of a paper tax return book - make sure you get the Supplement section also (that has the Cap Gain in it). Happy reading.

Expand

"Why pay more than you have to. "
Mine, and Kerry Packers, sentiments exactly .

"There is an order of how you work out net cap gain for the year and any carried forward capital loss. Important you get that right. "
Will give it my best effort, and let the accountant review my work, before sending it off to the ATO. Will probably get me and audit for my pains, as I haven't done it in the past !.

"I read your post - good luck with it." .
Cheers Naish . Will try and remember to send a "god bless you" post after I get the Tax Return next FY .

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