Thanks mate, appreciate it.
Are you asking your accountant to do it? How much is charged?
I think I roughly understand how it should be calculated, but also thinking it's gonna take me ages to sort this out.
For instance, in IB/Activity/Trades/Forex, I found so many forex transactions, some lump sum figures were exchanged to buy the shares, but also quite a few random numbers like $1, $5, $0.479, $0.12333 on various dates both AUD/USD and USD/AUD... that I had no idea what was it for and who did it! Can't imagine how much work needed just to match these buy/sell numbers and calculate forex gain/loss over the years... I can ignore all these, but it could mean that my calculation would be wrong or inaccurate, if ATO find out that I paid $1 less, will I be fined?
I'm pretty sure there are other places where small numbers or commission/fees/cost price has to be calculated propotionally coz I did too many partial buy/sell orders...
In the end, I cannot guarantee my calculation would be 100% accurate, will I be fined if ATO someday audit my account and found that I need to pay extra? btw it's overall capital loss due to asx shares.
"Interest is converted to AUD at the exchange rate of the day the interest was applied to your account and gets added in with your other Australian interest."
Not sure if I misunderstood, but I think the foreign interest should only be calculated when it's exchanged back to AUD, you could claim $100 AUD worth of interest when USD applied to your account, but when exchange back to AUD, the USD probably only worth $70 AUD.
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- How do you calculate Capital Gain/Loss with foreign shares???
Thanks mate, appreciate it.Are you asking your accountant to do...
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