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A profit is a profit. Irrespective of your account or money...

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RED328

3,329 Posts.

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27/10/16

11:46

Post #: 20162048
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Originally posted by Gameplanon ↑

Hi all,
Maybe someone on here can clarify from previous experience......

So I sold a heap of shares on June 28th at a profit but the money was not taken from my trading account, instead I bought back in on July 2nd.

My question is, would that profit be subject to tax even if it never left the trading account? My tax man has calculated it as earnings but I have since been told by a financial planner that it should not be subject to tax because it did not leave my trading account.

Cheers

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A profit is a profit.
Irrespective of your account or money movements you are liable for tax in that financial year.
If you reside in Australia and pay tax here you are eligible for a 50% tax discount if you held the shares for more than one year.

GXY Price at posting: 34.8¢ Sentiment: Hold Disclosure: Held
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