Capital Gains Tax (CGT) Schedule for the Tax Office

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coronelsuper

Posted 22/12/2007 11:04:21 PM

Regular Member

Group: Forum Members
Last Login: 5/02/2010 12:28:42 AM
Posts: 19, Visits: 80

I have had the privilege of making too much money this year, so the tax office demands a schedule for attachment to the tax return for CG over $10k.

I cannot find a report on mysf that shows the CG on asset sales and showing whether its held over or under 12 months. is there something I can produce rather than the general ledger account 4400-011 which only has the CG without its calc.

thanks

Post #3706

MySF2

Posted 22/12/2007 11:29:59 PM

MySF Administrator

Group: Administrators
Last Login: 17/05/2010 6:31:15 PM
Posts: 464, Visits: 632

Hi,

The best report for this is likely to be the Sale Records report. This is can be printed from Housekeeping > Utilities > View and Edit Sale Records. Select an asset class to see the details of all of the sales from that asset class within the financial year or any other defined date range. Click on the 'print report' link in the top right to see a printable / exportable version of the report.

This report includes the split of the capital gain for every parcel in every sale. It also splits the total capital gain between taxable an non-taxable components. While the report does not include a holding period figure it does list the date of purchase of the asset (part of the display text of the asset, eg: XYZ @ 20/06/2004) and the date of the sale.

Regards,

MySF

Post #3708

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