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IDENTIFYING SHARES OR UNITS SOLD
Sometimes taxpayers own shares or units that they
may have acquired at different times. This can happen
as people decide to increase their investment in a particular company or unit trust. A common question people ask when they dispose of only part of their investment is
how to identify the particular shares or units they have
disposed of.
This can be very important because shares or units bought at different times may have different amounts included in their cost. In calculating the capital gain or capital loss when disposing of only part of an investment, you need to be able to identify which ones you have disposed of. Also, when you dispose of any shares or units you acquired before 20 September 1985, any capital gain or capital loss you make is generally disregarded.
If you have the relevant records (for example, share certificates), you may be able to identify which particular shares or units you have disposed of. In other cases, the Commissioner of Taxation will accept your selection of the identity of shares disposed of.
Alternatively, you may wish to use a �efirst in, first out�f basis where you treat the first shares or units you bought as being the first you disposed of.
In limited circumstances, the Tax Office will also accept an average cost method to determine the cost of the shares disposed of. You can only use this average cost method when:
�¡ the shares are in the same company
�¡ the shares are acquired on the same day
�¡ the shares have identical rights and obligations, and
�¡ you are not required to use market value for cost base purposes.
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