Tax questions (before paying an advisor), Any experience/knowledge on these issues please?

[shiraz1654]

I have just received payment from AMP from my AXA shares how are the $ received treated tax wise and what costbase do I use for my new AMP shares
thanks

[mercury]

If you accumulate 6000$ in franking credits but sell stock in under 45 days...does the ATO give you credit for 5000$ and not the extra 1000$ or is it
that if you go over 5000$ you MUST keep all stock over 45days to get those credits.??
Thanks
Merc

[bam_bamm]

In Reply To: arty's post @ Dec 30 2010, 11:50 AM

BHP is the one in question for me, i just cant recall in which years i acquired about a quarter of my holding.
i might be able to track when i got some more through some old dividend slips (if i can find those.) i might just take the average price for that particular year or something.

cheers arty

[arty]

In Reply To: djp's post @ Dec 30 2010, 10:13 AM

Reuters data go back even further. As do MDSFinancials' in the Market Analyser Professional.
If you need to know one particular price at any day since 1983, PM someone that has the MA Pro. There's a good chance we can help.

example: BHP monthly chart

 BHP_m_30_12_10.gif ( 19.97K ) Number of downloads: 14

[djp]

In Reply To: bam_bamm's post @ Dec 30 2010, 08:50 AM

Hi Bam

I think as long as you can demonstrate that you weren't careless or reckless. i.e. document how you determined what price you thought you paid (by reference to old finance papers held in archives, discussions with brokers, enquiries to the company itself) you shouldn't get fined. If the ATO auditors have access to better data, they will just apply it and send you an amended assessment, so there will no need for you lodge an amended return.

Others may be able to provide sources of historical prices - eg Yahoo's goes back to the early 2000's.

Hope this helps

regards

[bam_bamm]

In Reply To: djp's post @ Aug 25 2010, 06:39 PM

and following on from this...

say i have my best guess at what price i think i acquired some shares (10+ years ago when i was a minor) and i use this information in a tax return, only to be audited a few years later and they then advise me what price i acquired them for, would i be fined? or would i just need to lodge an amended tax return and pay any owing capital gains?

[djp]

In Reply To: bam_bamm's post @ Aug 25 2010, 04:00 PM

They just ask for what they want! see attached

Attached File(s)

 ATO_access_and_information_gathering_powers.pdf ( 112.52K ) Number of downloads: 64

 

[bam_bamm]

ive got a silly tax question that someone might know the answer to.

obviously we know that the ATO audits taxation returns for individuals.
if they require information from a share registry, do they pay the search fees to get the information like we have to? or can they get this information under freedom of information, or some other kind of government department information sharing agreement?

[wolverine]

In Reply To: Duster's post @ Jul 14 2010, 09:33 AM

thumbs up Duster.

[Duster]

In Reply To: wolverine's post @ Jul 13 2010, 01:31 PM

Thanks Wolverine/Arty. Thought I would check the ATO site and not be so lazy...........

1. The shares or units acquired on exercise of the rights or options are subject to capital gains tax.
2. The acquisition date of the shares or units is the date of the exercise of the rights or options.
3. The first element of the cost base and reduced cost base of the shares or units is the sum of:

• the amount you paid for the rights or options, and
• the amount you paid for the shares or units on exercising the rights or options.

Note: Any capital gain or loss you make from exercising the rights or options to acquire those shares or units is disregarded.
http://www.ato.gov.au/individuals/content....p;page=3&H3
Duster