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capital gains tax and shares

Discussion in 'Accounting, Tax & Legal' started by warren73, 8th Sep, 2011.

  1. warren73

    warren73 New Member

    Joined:
    8th Sep, 2011
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    VIC
    Hello
    l am on a disibilty pension of $20,600 per year, l made a capital gain of $45,000 on some shares l sold and had held less then a year, if l take off $16,000 from the other shares l sold for a loss this year and last, that comes to $29,000, how much capital gains tax do l have to pay this year.
     
  2. Johny_come_lately

    Johny_come_lately Well-Known Member

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    1st Jul, 2009
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    Location:
    SE Queensland
    Hi warren73,

    The pension is not taxed.( however the deeming may be affected by the capital gains.) 45000-16000=29000. 29000-6000(tax free)=23000.
    15%(tax rate)x23000=$3450.

    But check the ATO website to be sure.



    Johny. :)
     
  3. warren73

    warren73 New Member

    Joined:
    8th Sep, 2011
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    Location:
    VIC
    Thankyou Jonny
    l bought more shares with all the money after l sold them for the capital gain, my shares are worth around $60,000 . Regarding Deeming Centrelink Deems them to give me an income of $78 per fortnight, this is too low to effect my pension which is good, will the $23,000 capital gain have any impact on my pension?
     
  4. Johny_come_lately

    Johny_come_lately Well-Known Member

    Joined:
    1st Jul, 2009
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    Location:
    SE Queensland
    Deeming is calculated by Centrelink from the assets that you own. It is a complicated formula, and it is best that you speak with them yourself.






    Johny.