Re: Sold shares -- Cox Business Accountants

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Date Posted: Thursday, September 23, 02:43:41pm
Author: Bree
Subject: Re: Sold shares
In reply to: Paul 's message, "Sold shares" on Thursday, September 23, 10:46:53am

Hi Paul,

Unfortunately the money that you received when you sold your shares in Coles Myer is considered a capital gain and therefore must be included in your income tax return and you will have to pay tax on this money.

If you sold these shares before 30 June 2004, they should be included in this year's tax return.

You capital gain will be calculated by taking the total you received from the sale of your shares (note, it will not be the net amount, it will be the gross amount) less the price that you paid for your shares and any costs involved in the sale or purchase of those shares (brokerage and stamp duty).

As you have owned the shares for over 12 months you will be eligible for a 50 % discount on the capital gain made on the sale of you shares. For example if your capital gain is $100 the actual capital gain (and the amount that will be included as income in your tax return) is $50.

The tax that you will have to pay will depend on your income as capital gains are taxed at your income range tax rate.

Also just to let you know different rules apply if you inherited your shares in Coles Myer.

Hope this answers your question.

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Replies:

Thank you for that (NT) -- Paul, Thursday, September 30, 09:26:27am